Per the Contractors State License Board, every contractor's licensee is required to designate a "Qualifying Individual." Often, the qualifying individual is a business owner who has met the license's experience and examination requirements and is responsible for overseeing and controlling the contractor business. However, if a business does not have an owner who qualifies under these requirements, they must name a Responsible Managing Employee (RME) or Responsible Managing Officer (RMO) with relevant experience in the trade as the qualifying individual.
The California Contractors State License Board requires a qualifying individual who is not an owner of the business must have a California Qualifying Individual Bond.
The ProSure Group can provide you with a low-cost California Bond of Qualifying Individuals! Get information, forms, or applications for a California Qualifying Individual Surety Bond by contacting one of our surety specialists or submitting your bond request online. Our surety agents can walk you through each step of our quick and easy bonding process. Contact us to request a free bond quote today!
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A California Qualifying Individual Bond is a bond that functions as a legal guarantee the applicant will act in compliance with the California Business and Professions Code's relevant provisions and the rules and regulations set forth by the California Contractors State License Board. This bond is to ensure the public will receive compensation for any damages caused by a contractor's failure to comply with contractor licensing law. The bond is worth a required amount of $25,000.
Requirements for a Bond of Qualifying Individual in California include the following.
The bond must be written by a surety company licensed through the California Department of Insurance.
The bond must be in the amount of $25,000.
The business name, license number, and the qualifying individual's name on the bond must correspond with the information on the California Contractors State License Board's records.
The bond must have the signature of the surety company’s attorney-in-fact.
The bond must be written on an Attorney General’s Office-approved form.
The bond must be received at the Contractors State License Board’s Headquarters Office within 90 days of the bond's effective date.
The cost of a California Bond of Qualifying Individual will vary depending on the applicant's credit score. For well-qualified applicants, the surety can write the Qualifying Individual Bond for as low as 1% of the total amount. Ready to find out how much a California Qualifying Individual Bond costs? Fill out our free quote form now!
Yes! Our bad credit bonding program caters to applicants with low credit scores, bankruptcies, and other financial problems. Contact us today to learn more about getting bonded with bad credit!
Get in touch with The ProSure Group! With over 20 years of experience as a trusted surety bond company, The ProSure Group has issued thousands of surety bonds and has partnerships with over 30 different surety companies. Our teamís goal is to get you the best, most competitive prices and terms on the market. To get started, please complete our simple application, and one of our surety specialists will get in touch with you as soon as possible!
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