Cal. Code Regs. tit. 10 § 1790.1

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 1790.1 - Fidelity Bonds for Agent

A licensee engaged in the business of selling checks or accepting money for the purpose of forwarding it to others in payment of utility bills shall obtain and keep in effect at all times a fidelity bond on each agent of the licensee in a principal amount sufficient to protect the licensee against substantial loss. If the liability of an agent to the licensee for any three consecutive business days exceeds $5,000, the licensee should be protected from loss by a fidelity bond in a principal amount at least equal to the highest liability of the agent to licensee for any three consecutive business days, unless the Commissioner for good cause, in writing, has found that a different amount of coverage would be in the public interest.

Cal. Code Regs. Tit. 10, § 1790.1

1. New section filed 12-31-58; effective thirtieth day thereafter (Register 59, No. 1).
2. Editorial correction of NOTE filed 4-6-83 (Register 83, No. 15).
3. Change without regulatory effect amending section filed 6-26-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 26).
4. Change without regulatory effect amending section filed 2-28-2000 pursuant to section 100, title 1, California Code of Regulations (Register 2000, No. 9).

Note: Authority cited: Section 12300, Financial Code. Reference: Section 12223, Financial Code.