Section 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.Cal. Code Regs. Tit. 10, § 1950.205
1. New article 6 (section 1950.205) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48). Note: Authority cited: Section 50304, Financial Code. Reference: Section 50205, Financial Code.
1. New article 6 (section 1950.205) and section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).