Current through Register Vol. XLI, No. 50, December 13, 2024
Section 42-33-8 - Employer's Request to the Commissioner to Waive the Wage Bond Requirements8.1. Upon receiving a request from an employer, the Commissioner may waive the wage bond requirements of the Act or this rule, if he or she determines that the employer is of sufficient financial responsibility to pay wages and fringe benefits.8.2. An employer seeking a waiver of the Act's wage bond requirements shall apply in writing to the Commissioner. The application shall include notarized financial statements prepared in accordance with generally accepted accounting principles covering at least the 2 most recent years of operation, and shall include the following documents: 8.2.a. A balance sheet or statement of the employer's financial position;8.2.b. A statement of the employer's revenues and expenses;8.2.c. A statement of any change in the employer's financial position;8.2.d. Related notes of financial disclosure;8.2.e. A statement of the length of time the employer has been in business;8.2.f. A statement of the length of time the employer has been in business in this State;8.2.g. A statement of the length of time the employer has had employees; and8.2.h. If the employer is a subsidiary of a parent company, the name and address of the parent company, and the names, titles and addresses of the parent company's officers and members of the board of directors, if any.8.3. After review of the waiver application, the Commissioner shall notify the employer in writing whether the request has been approved or denied.8.4. The Commissioner, upon good cause, may withdraw or otherwise cancel the waiver and require the employer to post a wage bond as required by the Act and this rule.8.5. The Commissioner may waive the wage bond requirements for the wages and fringe benefits of owners, members, partners or corporate officers upon receipt of a written application. The application shall include a sworn affidavit from each person covered in the waiver request, stating that the individual is a bona fide owner, member, partner or corporate officer holding at least a 20% share of the business.