§40-600.6. Financial and tax requirements – Confidentiality.

255 words·~1 min read·/ok/title-40-labor/40-600-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Net worth and bonding. Each PEO shall maintain either:

1. A minimum net worth of Fifty Thousand Dollars ($50,000.00), as reflected in the financial statements submitted to the Commissioner with the initial registration and each annual renewal; or

2. A bond or securities with a minimum market value of Fifty Thousand Dollars ($50,000.00), held by a depository designated by the Commissioner, securing payment by the PEO of all taxes, wages, benefits or other entitlement due to or with respect to a covered employee, if the PEO does not make such payments when due. Any bond or securities deposited under this subsection shall not be included for the purpose of calculation of the minimum net worth required by this subsection.

B. Payroll tax payments. A PEO shall submit to the Commissioner, within ninety

(90)days after the end of each calendar quarter, a statement by an independent certified public accountant that all applicable state payroll taxes for covered employees located in this state have been paid on a timely basis for that quarter.

C. Record confidentiality. All records, reports and other information obtained from a PEO under the Oklahoma Professional Employer Organization Recognition and Registration Act, except to the extent necessary for the proper administration of the Oklahoma

Professional Employer Organization Recognition and Registration Act by the Department, shall be confidential and shall not be published or open to public inspection other than to public employees in the performance of their public duties. Added by Laws 2002, c. 64, § 6, eff. Nov. 1, 2002.