$100,000 bond required for New Jersey Employee Leasing Companies

Category: Uncategorized
Published: Sep 12, 2011
AB 3408: Professional Employer Organizations

This Assembly Bill would revise the current law for employee leasing companies, including the financial requirements. Under existing law companies need to maintain a minimum net worth of $100,000. Under the new bill to be passed the $100,000 net worth requirement will be substituted for a surety bond in the amount of $75,000. Now instead of meeting the minimum net worth requirement the bill would require the company to maintain a positive working capital. If the company fails to do that then it could post a bond, irrevocable letter of credit or securities with a minimum market value that is equal to the amount required for achieving a positive working capital, plus $100,000.

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Robin Kix

Robin Kix is currently the Renewal Department Manager. Since joining Lance Surety in 2014, she has helped thousands of businesses throughout the nation remain compliant at the federal, state and local level. She has significant experience supporting commercial bond lines, particularly in the automobile, transportation and construction industries. Robin and her team work together to create a positive customer service experience at the time of every policy renewal, whether that be finding the best pricing or offering additional assistance.