California Business and Professions Code

§ 10167.7

BPC § 10167.7 Effective Jan 1, 2001Div. 4 · Part 1 · Ch. 3 · Art. 2.3

Statute text

Except as provided in Section 10167.8, each licensee shall provide to the department, and at all times maintain in force, a bond in the amount of ten thousand dollars ($10,000) for each location. The bond may be in the form of a corporate surety bond, or a cash deposit. A cash deposit may be deposited by the licensee in an interest-bearing account assigned to the commissioner, with interest earned thereon payable to the licensee. The bond or cash deposit may be utilized by the commissioner for the benefit of any unsatisfied judgment creditor in an action pursuant to subdivision (e) of Section 10167.10.

Legislative history

Amended by Stats. 2000, Ch. 473, Sec. 4. Effective January 1, 2001.