The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. Every professional employer organization that is located in this state shall maintain either of the following:
1. A minimum net worth of at least one hundred thousand dollars.
2. A bond, an irrevocable letter of credit or securities that have a minimum market value of one hundred thousand dollars. The bond shall be held by a depository designated by the secretary of state in order to secure the payment of all taxes, wages, benefits or other entitlements including amounts expended by the industrial commission's special fund under section 23-907 that are due to be paid by the professional employer organization with respect to covered employees if the professional employer organization fails to make the required payments. Any bond, irrevocable letter of credit or securities that are deposited under this subsection shall not be included for the purposes of calculating the minimum net worth of the professional employer organization under this subsection.
B. This section does not apply to professional employer organizations that file a limited registration under section 23-567.