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.
Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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Lance Surety Bond Associates, Inc. is a surety bond agency based out of southeastern Pennsylvania that is able to write all surety bond types in all 50 states. We are dedicated to servicing all of our customers' surety bonding needs throughout the country and guarantee competitive rates, timely responses, and unparalleled customer service.