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2013 -- S 0179 | |
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LC00609 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO BUSINESSES AND PROFESSIONS -- PROFESSIONAL EMPLOYER | |
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ORGANIZATION ACT OF 2004 | |
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Introduced By: Senator William A. Walaska | |
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Date Introduced: February 06, 2013 | |
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Referred To: Senate Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 5-75-6 of the General Laws in Chapter 5-75 entitled "Professional |
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Employer Organizations Act of 2004" is hereby amended to read as follows: |
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5-75-6. Financial capability -- Net worth and bonding. -- Each PEO shall maintain a |
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bond or securities with a minimum market value of fifty thousand dollars ($50,000) held by a |
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depository designated by the department securing payment by the PEO of all taxes, wages, |
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benefits or other entitlement due to or with respect to covered employees, if the PEO does not |
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make such payments when due. |
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SECTION 2. This act shall take effect upon passage. |
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LC00609 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO BUSINESSES AND PROFESSIONS -- PROFESSIONAL EMPLOYER | |
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ORGANIZATION ACT OF 2004 | |
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This act would eliminate the exemption from bonding requirements for professional |
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employer organizations that have been certified by the division of taxation for at least two (2) |
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years. |
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This act would take effect upon passage. |
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LC00609 | |
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