SCDCA Form PEO-14 "Professional Employer Organizations Special Deposit Bond" - South Carolina

What Is SCDCA Form PEO-14?

This is a legal form that was released by the South Carolina Department of Consumer Affairs - a government authority operating within South Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on July 1, 2019;
  • The latest edition provided by the South Carolina Department of Consumer Affairs;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of SCDCA Form PEO-14 by clicking the link below or browse more documents and templates provided by the South Carolina Department of Consumer Affairs.

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Download SCDCA Form PEO-14 "Professional Employer Organizations Special Deposit Bond" - South Carolina

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STATE OF SOUTH CAROLINA
PROFESSIONAL EMPLOYER ORGANIZATIONS
SPECIAL DEPOSIT BOND
KNOW ALL MEN BY THESE PRESENTS, that we ______________________________________________ as Principal,
and _________________________________________, a Surety Company authorized to do business in the State of South Carolina are
firmly held and bound unto the South Carolina Department of Consumer Affairs (Department) in full and just sum of
_______________________________________________ U.S. Dollars ($_________________________), to which payment we bind
ourselves and our respective successors and assigns jointly and severally.
WHEREAS, the above bonded Principal is currently licensed, or has applied for a license, to operate as a Professional Employer
Organization in South Carolina pursuant to South Carolina Code § 40-68-10 et seq.;
WHEREAS, South Carolina Code § 40-68-40(E) requires that a professional employer organization demonstrate and thereafter
continuously maintain a net worth in the amount of fifty thousand dollars ($50,000.00), which may also be satisfied through guarantees;
NOW THEREFORE, the condition of this bond is such that if the above Principal fully complies with the provisions of South
Carolina Code § 40-68-10 et seq., all Regulations of the State of South Carolina applicable to the operation and regulation of professional
employer organizations, and any orders made pursuant thereto, then this obligation shall be void; otherwise it is to remain in full force
and effect. This bond is a continuous obligation and shall cover the full period or periods of licensure of the Principal, including initial
and renewal periods.
The bond must be for the sole use of the Department for claims against the Principal for violations of South Carolina Code § 40-68-10
et seq.
PROVIDED, HOWEVER, that liability hereunder may be terminated either (a) by written notice from the Surety to the
Department that liability shall terminate upon the expiration of forty-five (45) days from the date of such notice; or (b) upon written
authorization mailed to the surety by the Department. This provision, however, does not relieve, release or discharge the Surety from
any liability already accrued or which shall accrue before the expiration of the forty-five (45) day period.
Bond Number:
Effective Date of Bond:
Signature of Principal
Signature of Surety
Print your Name and Title (Principal)
Print your Name and Title (Surety)
Power of Attorney Letter Must Be Attached
SWORN TO AND SUBSCRIBED before me
this ________ day of _____________________, 20______
________________________________________________
(SEAL)
Notary Public For __________________________________
My Commission Expires:
________________________
PEO Special Deposit Bond
SCDCA Form PEO-14
Revised 07/19
Page 1 of 1
STATE OF SOUTH CAROLINA
PROFESSIONAL EMPLOYER ORGANIZATIONS
SPECIAL DEPOSIT BOND
KNOW ALL MEN BY THESE PRESENTS, that we ______________________________________________ as Principal,
and _________________________________________, a Surety Company authorized to do business in the State of South Carolina are
firmly held and bound unto the South Carolina Department of Consumer Affairs (Department) in full and just sum of
_______________________________________________ U.S. Dollars ($_________________________), to which payment we bind
ourselves and our respective successors and assigns jointly and severally.
WHEREAS, the above bonded Principal is currently licensed, or has applied for a license, to operate as a Professional Employer
Organization in South Carolina pursuant to South Carolina Code § 40-68-10 et seq.;
WHEREAS, South Carolina Code § 40-68-40(E) requires that a professional employer organization demonstrate and thereafter
continuously maintain a net worth in the amount of fifty thousand dollars ($50,000.00), which may also be satisfied through guarantees;
NOW THEREFORE, the condition of this bond is such that if the above Principal fully complies with the provisions of South
Carolina Code § 40-68-10 et seq., all Regulations of the State of South Carolina applicable to the operation and regulation of professional
employer organizations, and any orders made pursuant thereto, then this obligation shall be void; otherwise it is to remain in full force
and effect. This bond is a continuous obligation and shall cover the full period or periods of licensure of the Principal, including initial
and renewal periods.
The bond must be for the sole use of the Department for claims against the Principal for violations of South Carolina Code § 40-68-10
et seq.
PROVIDED, HOWEVER, that liability hereunder may be terminated either (a) by written notice from the Surety to the
Department that liability shall terminate upon the expiration of forty-five (45) days from the date of such notice; or (b) upon written
authorization mailed to the surety by the Department. This provision, however, does not relieve, release or discharge the Surety from
any liability already accrued or which shall accrue before the expiration of the forty-five (45) day period.
Bond Number:
Effective Date of Bond:
Signature of Principal
Signature of Surety
Print your Name and Title (Principal)
Print your Name and Title (Surety)
Power of Attorney Letter Must Be Attached
SWORN TO AND SUBSCRIBED before me
this ________ day of _____________________, 20______
________________________________________________
(SEAL)
Notary Public For __________________________________
My Commission Expires:
________________________
PEO Special Deposit Bond
SCDCA Form PEO-14
Revised 07/19
Page 1 of 1