43-55-05. Bond

43-55-05. Bond 1. A professional employer organization shall maintain a bond with a minimum value of the lesser amount of one hundred thousand dollars or five percent of the total wages reported on the employer's quarterly contribution and wage report to job service North Dakota for the quarter ending immediately before the date submitted to the secretary of state. 2. A professional employer organization that has not filed an employer's quarterly contribution and wage report with job service North Dakota shall submit a bond in the amount of one hundred thousand dollars. 3. The bond must be held by the secretary of state and secure payment by the professional employer organization of any tax, wage, benefit, or other entitlement due to or with respect to a covered employee if the professional employer organization does not make the payment when due. 4. A professional employer organization shall provide the secretary of state notice of cancellation or nonrenewal of the bond required by this section at least forty-five days before cancellation or nonrenewal of the bond. 5. As used in this section, "bond" means a surety bond or an irrevocable letter of credit.