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(b) An undertaking in the form of a cashier's check or money order made payable to the Labor Commissioner may be provided to the Labor Commissioner in lieu of depositing a surety bond as a condition for continued registration under Labor Code Sections 2675(a)(3), 2679(a) and 2679(b). The Labor Commissioner shall deposit the undertaking in a bank account in which the Labor Commissioner is named as a trustee. Any earned interest, along with the principal, shall be used to satisfy claims against the undertaking. Upon return of the undertaking, any remaining amount, including interest, shall be transmitted to the employer.
Authority cited: Section 2672, Labor Code. Reference: Sections 2675 and 2679, Labor Code.
1. Amendment of section and Note filed 9-9-2002; operative 10-9-2002 (Register
2002, No. 37).
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