- (a) The applicant shall assign one or more cash deposits or savings accounts that accumulatively contain the monetary amounts specified in Vehicle Code section 34631.5, subdivision (a), paragraphs (1) and (2).
- (b) The assignment of the monetary amount may be accepted on more than one assignment form, an Assignment for a Motor Carrier Certificate of Self-Insurance form [DMV 133 MCP (REV. 8/2002)].
- (c) In addition to the statutorily required amount, the applicant shall deposit an additional $5,000 to offset potential administrative costs. Administrative costs that exceed $5,000 shall be paid out of the principal.
- (d) An account shall be held in a bank(s) guaranteed by the Federal Deposit Insurance Corporation (FDIC); a savings association(s) guaranteed by the Savings Association Insurance Fund (SAIF); and/or a credit union(s) guaranteed by the National Credit Union Administration (NCUA). The financial institutions holding the funds assigned to the department shall have a physical office located in California.
- (e) The applicant shall instruct the financial institution(s) to prepare and forward to the department an Assignment for a Motor Carrier Certificate of Self-Insurance, [DMV 133 MCP (REV. 8/2002)] assigning the above described funds to the department.
After approval, an applicant shall assign funds to the department in the manner described in this section.
Note: Authority cited: Sections 1651 and 34604, Vehicle Code. Reference: Sections 34630 and 34631.5, Vehicle Code.
History
1. New section filed 4-10-98 as an emergency; operative 4-10-98 (Register 98, No. 15). A Certificate of Compliance must be transmitted to OAL by 8-10-98 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 98, No. 34).
3. New section filed 8-17-98 as an emergency; operative 8-17-98 (Register 98, No. 34). A Certificate of Compliance must be transmitted to OAL by 12-15-98 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 8-17-98 order, including amendment of section, transmitted to OAL 10-16-98 and filed 12-2-98 (Register 98, No. 49).
5. Amendment of section heading and section filed 12-23-2003; operative 1-22-2004 (Register 2003, No. 52).