Current through Register Vol. XLI, No. 50, December 13, 2024
Section 42-33-9 - Release of a Wage Bond by the Commissioner9.1. An employer may apply to the Commissioner for the release of a wage bond after the employer has been doing business in this State, as defined in W. Va. Code § 21-5-1(n), for 1 year.9.2. To apply for the release of a wage bond, an employer shall certify by sworn affidavit that the following has occurred: 9.2.a. The employer has ceased doing business in this State and all wages and fringe benefits owed to employees have been paid; or9.2.b. The employer has been doing business in this State for 1 year without any change in the business structure, entity or form and all wages and fringe benefits owed to employees have been paid; or9.2.c. The employer is no longer engaged in a covered activity; or9.2.d. The employer is still actively engaged in a covered activity, but does not have employees; or9.2.e. The employer has been in business in another state for at least 5 years; or9.2.f. The employer has at least $100,000 in assets; or9.2.g. The employer is a subsidiary of a parent company that has been in business for at least 5 years; and9.2.h. The employer has notified all employees working in West Virginia whose wages are or were covered by the bond that (1) the employer has applied to the Commissioner for a release of the wage bond and (2) if the employees have a wage claim they must promptly notify the Commissioner so that the Division can resolve the claims prior to releasing the bond.9.3. Upon receipt of an employer's sworn affidavit requesting the release of a wage bond, the Commissioner shall confirm that the Division has no unresolved or pending employee claims for wages or fringe benefits.9.4. If the Commissioner determines that the wage bond may be released, he or she shall notify the State Treasurer in writing, authorizing the release of the bond.9.5. If the Commissioner determines that the wage bond cannot be released, he or she shall notify the employer. The notice shall include the reasons why the bond cannot be released.9.6. The Commissioner may, on his or her own initiative, authorize the release or cancellation of a wage bond after determining that one of the conditions specified in subsections 9.2.a through 9.2.h has occurred.9.6.a. The Commissioner shall notify the employer in writing that the wage bond is eligible for release.9.6.b. After notification, if the employer does not respond to the Commissioner or otherwise take steps to reclaim its wage bond, the Division shall process the release or cancellation of the bond as unclaimed property.