§ 5007. Corporation Qualifications for Bond Guarantee Authority.

A Corporation shall be authorized to issue ILOCs, Bond Guarantees and Bond Lines only upon approval by the Director. The Director shall be authorized to limit the amount of state funds which a Corporation is authorized to use for ILOCs, Bond Guarantees and Bond Lines. Approval shall be granted upon compliance with both of the following:

(a) The Corporation has established a Bond loan committee with at least one member who has experience in the surety bond industry and a majority of the members have experience in the construction or surety bond industries.

(b) The Corporation presents a written plan to the Director which coherently and logically describes how the Bond program will be managed, staffed and marketed, and describes the anticipated dollar volume of Bond Guarantees, Bond Lines and ILOCs.

HISTORY

1. New article 2.2 and section filed 2-15-94 as an emergency; operative 2-15-94 (Register 94, No. 7). A Certificate of Compliance must be transmitted to OAL by 6-15-94 or emergency language will be repealed by operation of law on the following day.

2. Repealed by operation of Government Code section 11346.1(g) (Register 95, No. 7).

3. New article 2.2 and section filed 4-17-95 as an emergency; operative 4-17-95 (Register 95, No. 16). A Certificate of Compliance must be transmitted to OAL by 8-15-95 or emergency language will be repealed by operation of law on the following day.

4. Certificate of Compliance as to 4-17-95 order transmitted to OAL 6-12-95 and filed 7-25-95 (Register 95, No. 30).

5. Amendment filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.

6. Editorial correction of History5 (Register 2005, No. 27).

7. Certificate of Compliance as to 12-27-2004 order, including amendment of Note, transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).

Note

Note: Authority cited: Section 14024, Corporations Code. Reference: Sections 14002, 14055, 14060, 14071 and 14071.5, Corporations Code.