This text of Nebraska § 48-2705 (Financial commitment required; filing
with department) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)Except as provided in subsections (7) and (10) of section 48-2704 , each professional
employer organization or professional employer organization group shall have
either:
(a)Positive
working capital of at least one hundred thousand dollars at the time of initial
registration and each renewal thereafter as reflected in the financial statements
submitted to the department with the initial registration and each annual
renewal; or
(b)(i) If the positive working capital of the professional employer
organization is less than one hundred thousand dollars, a bond, certificate
of deposit, escrow account, or irrevocable letter of credit in an amount of
not less than one hundred thousand dollars; or
(ii)If the financial statement
submitted to the department indicates a deficit in working capit
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(1)
Except as provided in subsections (7) and (10) of section 48-2704 , each professional
employer organization or professional employer organization group shall have
either:
(a) Positive
working capital of at least one hundred thousand dollars at the time of initial
registration and each renewal thereafter as reflected in the financial statements
submitted to the department with the initial registration and each annual
renewal; or
(b)(i) If the positive working capital of the professional employer
organization is less than one hundred thousand dollars, a bond, certificate
of deposit, escrow account, or irrevocable letter of credit in an amount of
not less than one hundred thousand dollars; or
(ii) If the financial statement
submitted to the department indicates a deficit in working capital, a bond,
certificate of deposit, escrow account, or irrevocable letter of credit in
an amount that is not less than one hundred thousand dollars plus an amount
that is sufficient to cover that deficit.
(2) The commitment described in subdivision
(1)(b) of this section shall be in a form approved by the department, shall
be held in a depository designated by the department, and shall secure the
payment by the professional employer organization or professional employer
organization group of any wages, salaries, employee benefits, workers' compensation
insurance premiums, payroll taxes, unemployment insurance contributions, or
other amounts that are payable to or with respect to an employee performing
services for a client if the professional employer organization or professional
employer organization group does not make those payments when due. The commitment
shall be established in favor of or be made payable to the department, for
the benefit of the state and any employee to whom or with respect to whom
the professional employer organization or professional employer organization
group does not make a payment described in this subsection when due. The professional
employer organization or professional employer organization group shall file
with the department any agreement, instrument, or other document that is necessary
to enforce the commitment against the professional employer organization or
professional employer organization group, against any relevant third party,
or both.