Go to previous versions of this Section
2022 (you are here)
2021
2020
2019
2018
Other previous versions

2022 Kentucky Revised Statutes
Chapter 336 - Labor and employment
336.240 Requirement to maintain positive working capital or provide a bond, irrevocable letter of credit, or securities.

Universal Citation: KY Rev Stat § 336.240 (2022)
Previous Next

Download as PDF
336.240 Requirement to maintain positive working capital or provide a bond, irrevocable letter of credit, or securities. Except as provided in KRS 336.236, each professional employer organization or collectively each professional employer organization group shall either: (1) Maintain positive working capital as indicated by current assets minus current liabilities and defined by generally accepted accounting principles at registration as reflected in the financial statements submitted to the Department of Workers' Claims with the initial registration; or (2) Provide a bond, irrevocable letter of credit, or securities with a minimum market value equaling the deficiency plus one hundred thousand dollars ($100,000) to the Department of Workers' Claims if the professional employer organization or professional employer organization group does not have positive working capital. The bond shall be held by a depository designated by the Department of Workers' Claims, securing payment by the professional employer organization of all taxes, wages, benefits, or other entitlement due to or with respect to covered employees should the professional employer organization fail to make payments when due. Effective: July 14, 2022 History: Created 2022 Ky. Acts ch. 50, sec. 6, effective July 14, 2022.
Previous Next
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.