§ 16619 Surety Bond Termination Notice

• •If someone has a special promise (bond) to protect money deposits, they can cancel it for future problems by telling the Treasurer in writing 10 days before.
• •The cancellation doesn’t cover any problems that happened before the 10 days are up.
• •After getting the cancellation notice, the Treasurer has 10 days to ask for new protection or give back the deposits.

A company has a bond to protect money they deposited with the state. They decide they don’t want the bond anymore.

The company must write a letter to the Treasurer saying they want to cancel the bond. They have to wait 10 days before the cancellation starts. If anything goes wrong before those 10 days, the bond still covers it. The Treasurer then has 10 days to either ask for a new bond or return the deposits.