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§ 858.3. Minimum Standards for Blanket Performance and Payment Bond Approval -- Cause for Denia...

16 CA ADC § 858.3Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 16. Professional and Vocational Regulations
Division 8. Contractors' State License Board
Article 6. Bonds
16 CCR § 858.3
§ 858.3. Minimum Standards for Blanket Performance and Payment Bond Approval -- Cause for Denial.
(a) For each of the year-end financial statements for which a report is required under Section 858.2, the following standards must be met in order to qualify for blanket bond approval:
(1) The quick ratio shall not be less than 1:1, or, in lieu thereof, the current ratio shall not be less than 2:1.
(b) In addition to any other cause for denial, the Registrar may deny or rescind approval of the blanket bond based on information in the reviewed report or the information contained in the supplemental information required under subparagraph (a)(3) of Section 858.2 if the information demonstrates the licensee will be unable to meet current liabilities.

Credits

Note: Authority cited: Section 7008, Business and Professions Code. Reference: Section 7159.5, Business and Professions Code.
History
1. New section filed 11-22-2011; operative 12-22-2011 (Register 2011, No. 47).
This database is current through 2/9/24 Register 2024, No. 6.
Cal. Admin. Code tit. 16, § 858.3, 16 CA ADC § 858.3
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