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§ 225.09. Financial Security Requirements.

13 CA ADC § 225.09Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 13. Motor Vehicles (Refs & Annos)
Division 1. Department of Motor Vehicles
Chapter 1. Department of Motor Vehicles
Article 3.6. Vehicle Industry and Business Enterprises
13 CCR § 225.09
§ 225.09. Financial Security Requirements.
Currentness
(a) Every applicant for issuance or renewal of a first-line business partner or first-line service provider permit shall submit the bond required by Vehicle Code section 1685(b)(2)(C) to the department on a Business Partner Automation Surety Bond (Vehicle Code Section 1685) form, REG 866 (Rev. 11/2008), which is hereby incorporated by reference. The conditions of the bond shall be incorporated in the REG 866 form.
(1) A deposit as provided in Code of Civil Procedure section 995.710 shall be acceptable in lieu of the surety bond.
(b) The amount of financial security required shall be as follows:
(1) A first-line business partner shall maintain a bond in the amount of $650,000.
(2) A first-line service provider shall maintain a bond in the amount of $1,000,000.
(c) The agreement and assignment form accompanying a deposit given in lieu of a surety bond shall be on a Business Partner Deposit Agreement and Assignment (Vehicle Code section 1685 and CCP section 995.710) form, (REG 4029, REV. 10/2008), which is incorporated by reference.
(d) A deposit shall be released by the department when either of the following conditions occur:
(1) Five years after the business partner ceases to do business in the BPA program when the department determines it is satisfied that there are no outstanding claims and unsatisfied final judgments against the business partner, or
(2) When the contract and permit expires and is not renewed and the department is satisfied that there are no outstanding claims and unsatisfied final judgments against the business partner.

Credits

Note: Authority cited: Sections 1651 and 1685, Vehicle Code. Reference: Section 1685, Vehicle Code; and Sections 995.360, 995.710 and 995.770, Code of Civil Procedure.
History
1. New section filed 7-5-2002 as an emergency; operative 7-5-2002 (Register 2002, No. 28). A Certificate of Compliance must be transmitted to OAL by 11-4-2002 or emergency language will be repealed by operation of law on the following day.
2. New section with amendment of section heading and section refiled 11-4-2002 as an emergency; operative 11-4-2002 (Register 2002, No. 45). A Certificate of Compliance must be transmitted to OAL by 3-4-2003 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 3-3-2003 as an emergency, including amendment of subsection (a)(1), new subsection (b)(2) and subsection renumbering; operative 3-3-2003 (Register 2003, No. 10). A Certificate of Compliance must be transmitted to OAL by 7-1-2003 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 3-3-2003 order, including amendment of subsections (a)(1) and (a)(3) and new subsections (c)-(e)(3), transmitted to OAL 6-27-2003 and filed 8-11-2003 (Register 2003, No. 33).
5. Amendment filed 2-22-2006; operative 3-24-2006 (Register 2006, No. 8).
6. Amendment of section and Note filed 5-22-2009; operative 6-21-2009 (Register 2009, No. 21).
7. Amendment filed 6-29-2012; operative 7-1-2012 pursuant to Government Code section 11343.4 (Register 2012, No. 26).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 13, § 225.09, 13 CA ADC § 225.09
End of Document