Under California Civil Code Section 2782, which option can a contractor use as an alternative to a surety bond for meeting the license bond requirement?
Correct Answer
B) Cash deposit with the CSLB
California Civil Code Section 2782 allows contractors to post a cash deposit with the CSLB in lieu of a surety bond. The cash deposit must equal the required bond amount ($25,000 for contractor license bond). Certificates of deposit and savings accounts are not acceptable alternatives under this code section.
Why This Is the Correct Answer
California Civil Code Section 2782 allows contractors to post a cash deposit with the CSLB in lieu of a surety bond. The cash deposit must equal the required bond amount ($25,000 for contractor license bond). Certificates of deposit and savings accounts are not acceptable alternatives under this code section.
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A qualifying individual for a California contractor license who is not an owner, partner, or corporate officer must file what type of bond under B&P Code Section 7071.9?
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