§ 5-75-6 - Financial capability – Net worth and bonding.
SECTION 5-75-6
§ 5-75-6 Financial capability – Networth and bonding. – Each PEO shall maintain a bond or securities with a minimum market value offifty thousand dollars ($50,000) held by a depository designated by thedepartment securing payment by the PEO of all taxes, wages, benefits or otherentitlement due to or with respect to covered employees, if the PEO does notmake such payments when due. A PEO registered under this chapter and certifiedby the division of taxation for at least two (2) years shall be exempt from thebonding requirements of this section.