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§ 1950.205. Bond Cancellation and Claims.

10 CA ADC § 1950.205BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 3. Commissioner of Financial Protection and Innovation
Subchapter 11.5.
Article 6. Bonding
10 CCR § 1950.205
§ 1950.205. Bond Cancellation and Claims.
(a) The bond issued pursuant to Section 50205 of the Code shall contain a provision that the bond shall not be cancelled in whole or in part without 30 days notice to the Commissioner by the bonding or insurance company.
(b) The bond issued pursuant to Section 50205 of the Code shall also provide that the bonding or insurance company issuing the bond provide notice to the Commissioner within 10 days of service of any action against the bond and immediately upon payment of any claims.
Note: Authority cited: Section 50304, Financial Code. Reference: Section 50205, Financial Code.
HISTORY
1. New article 6 (section 1950.205) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
This database is current through 7/29/22 Register 2022, No. 30
10 CCR § 1950.205, 10 CA ADC § 1950.205
End of Document