Okla. Admin. Code § 240:10-5-4

Current through Vol. 41, No. 24, September 3, 2024

Section 240:10-5-4 - Surety bond for lessor employing units

(a)Statute. This Section applies to the application for, and issuance of, the Surety Bond for lessor employing units that is provided for in 40 O.S. § 1-209.1.

(b)Form of bond. The Surety Bond shall be on a form prescribed by the Oklahoma Employment Security Commission. Forms can be obtained from the Contributions Department of the Oklahoma Employment Security Commission at the following address: Oklahoma Employment Security Commission, Contributions Department, P. O. Box 52003, Oklahoma City, Oklahoma 73152-2003.

(c)Corporate surety. The Surety Bond shall be issued by a corporate surety authorized to do business in this state by the Oklahoma Insurance Department.

(d)Bond application. Any lessor employing unit that desires to purchase a Surety Bond must make its initial application with the Commission each year before March 1. The initial application and renewal application shall be on a form prescribed by the Commission. The application forms can be obtained at the address listed in (b) of this Section. Completed application forms shall be returned to the same address.

(e)Client list. The lessor employing unit wishing to apply for a bond or a bond renewal shall supply with their application a list of Oklahoma clients that will include the client's name, federal identification number, and the number of employees the lessor employing unit is leasing to each client lessee.

(f)Term of bond. The term of the Surety Bond shall be a one year period from April 1 of any given year to March 31 of the succeeding year. Any bond issued on a date other than April 1 shall extend from the date of issuance until the next March 31st, at which time the bond will expire.

(g)Amount of bond. The Surety Bond shall be in an amount equivalent to the contributions for which the lessor employing unit was liable in the last calendar year in which it accrued contributions, or in the sum of one hundred thousand dollars ($100,000.00), which ever is greater. The exact amount of the bond will be certified by the Oklahoma Employment Security Commission upon receipt of the initial application or renewal application for a bond from the lessor employing unit. The certification shall be mailed to the corporate surety that will be issuing the bond.

Okla. Admin. Code § 240:10-5-4

Added at 11 Ok Reg 1601, eff 5-12-94; Amended at 26 Ok Reg 1375, eff 5-12-95

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/11/2017