California Insurance Code

§ 14053

INS § 14053 Effective Jan 1, 2023Div. 5 · Ch. 1 · Art. 4

Statute text

In lieu of the surety bond required by this article there may be deposited with the State of California the sum of two thousand dollars ($2,000) in cash, or evidence of deposit of the sum of two thousand dollars ($2,000) in banks authorized to do business in this state and insured by the Federal Deposit Insurance Corporation, or investment certificates or share accounts in the amount of two thousand dollars ($2,000) issued by a savings association doing business in this state and insured by the Federal Deposit Insurance Corporation, or evidence of a certificate of funds or share account of the sum of two thousand dollars ($2,000) in a credit union, as defined in Section 14000 of the Financial Code, whose share deposits are guaranteed by the National Credit Union Administration or guaranteed by any other agency approved by the Department of Financial Protection and Innovation.

Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 199. (SB 1498) Effective January 1, 2023.