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Form SFSB-916 Discount Buying Organization Bond - Proof of Escrow Account - California
What Is Form SFSB-916?
This is a legal form that was released by the California Secretary of State - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Form SFSB-916?
A: Form SFSB-916 is a document used for the Discount Buying Organization Bond - Proof of Escrow Account in California.
Q: What is a Discount Buying Organization Bond?
A: A Discount Buying Organization Bond is a type of surety bond required for certain businesses in California that offer memberships for discounted products or services.
Q: What is Proof of Escrow Account?
A: Proof of Escrow Account refers to evidence that the discount buying organization has set up and maintains a separate account to hold the funds of its members.
Q: Why is a Discount Buying Organization Bond required?
A: A Discount Buying Organization Bond is required to protect the consumers who become members of the discount buying organization. It provides financial protection in case the organization fails to fulfill its obligations.
Q: Is the Discount Buying Organization Bond mandatory in California?
A: Yes, the Discount Buying Organization Bond is mandatory for businesses operating as discount buying organizations in California.
Q: What happens if a discount buying organization fails to provide proof of an escrow account?
A: Failure to provide proof of an escrow account can result in penalties and even the suspension or revocation of the organization's license.
Q: Are there any other requirements for discount buying organizations in California?
A: Yes, discount buying organizations are also required to maintain certain records and comply with other regulations set by the California Department of Justice.
Q: How long is the Discount Buying Organization Bond valid?
A: The validity of the Discount Buying Organization Bond is typically one year, and it needs to be renewed annually.
Q: Who should I contact for more information about the Discount Buying Organization Bond in California?
A: For more information, you can contact the California Department of Justice, Office of the Attorney General.
Form Details:
- Released on April 1, 2015;
- The latest edition provided by the California Secretary of State;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form SFSB-916 by clicking the link below or browse more documents and templates provided by the California Secretary of State.
