CHAPTER 6. FINANCIAL REQUIREMENTS
IC 27-16-6
Chapter 6. Financial Requirements
IC 27-16-6-1
Maintenance of minimum net worth or bond
Sec. 1. (a) A PEO shall maintain either:
(1) subject to section 2 of this chapter, a minimum net worth of
fifty thousand dollars ($50,000); or
(2) subject to subsection (b), a bond with a market value of at
least fifty thousand dollars ($50,000).
(b) A bond described in subsection (a)(2) must be held by a
depository designated by the department, securing payment by the
PEO of all taxes, wages, benefits, or other entitlement due to or with
respect to covered employees in the event that the PEO does not
make the payments when due.
As added by P.L.245-2005, SEC.7.
IC 27-16-6-2
Bond not included in calculation of minimum net worth
Sec. 2. A bond described in section 1(a)(2) of this chapter must
not be included in the calculation of the minimum net worth
described in section 1(a)(1) of this chapter.
As added by P.L.245-2005, SEC.7.