SURETY BOND
Bond needed by the State of California to protect against losses or unethical financial decisions of the facility owner.
What is a Surety Bond?
A surety bond is a three-party agreement that legally binds the principal (the facility owner or licensee), who needs the bond, an obligee (State of California) who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance to California state laws and regulations regarding the residents' money.
What is the Purpose of a Surety Bond?
It protects State of California, the Obligee, up to the amount of the bond against financial losses as a result of poor financial decisions, losses, or unethical decisions of your part, the facility owner.
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