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§ 858.4. Blanket Performance and Payment Bond Biennial Certification and Financial Reporting Re...

16 CA ADC § 858.4Barclays 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 § 858.4
§ 858.4. Blanket Performance and Payment Bond Biennial Certification and Financial Reporting Requirements.
(a) Except as otherwise provided under this Article, a licensee that maintains a blanket bond under this Article shall comply with the following:
(1) A certification statement as specified in Section 858.2 of this Article, signed under penalty of perjury by the member of the personnel of record who is listed as the qualifier for the license in accordance with Section 7068 of the Code, shall be submitted biennially to the Registrar as specified under subsection (b).
(2) With each application to renew the license for which the blanket bond has been posted, reviewed year-end financial statements and a report prepared in accordance with the provisions of Section 858.2(a)(3) shall be submitted to the Registrar as follows:
(A) If it has been one calendar year or more since the Registrar's approval of the blanket bond, the licensee shall submit a copy of a review report and the accompanying financial statements covering the entire period that is subsequent to the approval, but not more than the two fiscal years immediately preceding the license renewal date.
(B) If it has been less than one calendar year since the Registrar's initial approval of the blanket bond, the reviewed report required by this subsection shall be submitted at next renewal period that is more than one calendar year subsequent to the initial approval of the blanket bond.
(b) The due date for the qualifier's certification statement and any reports required under this section shall coincide with the license renewal period of the license for which blanket bond approval has been granted. For each subsequent renewal cycle, the certification statement and reports of financial statements shall be submitted to the Registrar no later than the date the license is due to expire.
(c) The Registrar may rescind approval of the blanket bond based on information in the reviewed report or in the supplemental information that demonstrates the licensee's business may not be able to meet its current liabilities.
(d) If a licensee fails to submit the certification statement or comply with the financial reporting requirements as specified by this section, the Registrar may rescind approval of the blanket bond in accordance with the provisions of Section 858.8 of this Article.

Credits

Note: Authority cited: Section 7008, Business and Professions Code. Reference: Sections 7068, 7068.1 and 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 2/23/24 Register 2024, No. 8.
Cal. Admin. Code tit. 16, § 858.4, 16 CA ADC § 858.4
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