§ 5-75-6. Financial capability — Net worth and bonding.
Each PEO shall maintain a bond or securities with a minimum market value of fifty thousand dollars ($50,000) 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 if the PEO does not make such payments when due. A PEO registered under this chapter and certified by the division of taxation for at least two (2) years shall be exempt from the bonding requirements of this section.
History of Section.P.L. 2004, ch. 87, § 1; P.L. 2004, ch. 124, § 1.
Structure Rhode Island General Laws
Title 5 - Businesses and Professions
Chapter 5-75 - Professional Employer Organizations Act of 2004
Section 5-75-1. - Legislative finding.
Section 5-75-2. - Definitions.
Section 5-75-3. - Rights, duties, and obligations unaffected by this chapter.
Section 5-75-4. - Registration requirements.
Section 5-75-6. - Financial capability — Net worth and bonding.
Section 5-75-7. - General requirements and provisions.
Section 5-75-8. - Benefit plans.
Section 5-75-9. - Workers’ compensation.