Rhode Island General Laws 5-75-6. Financial capability – Net worth and bonding
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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.
Terms Used In Rhode Island General Laws 5-75-6
- Department: means the department of administration, division of taxation. See Rhode Island General Laws 5-75-2
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- PEO: means any person engaged in the business of providing professional employer services. See Rhode Island General Laws 5-75-2