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

§ 40-600.6. Financial and tax requirements – Confidentiality

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

Oklahoma Statutes - Title 40. Labor

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by the Department, shall be confidential and shall not be published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.