California · Financial Code

FIN §6200: Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their indivi

Civil

What this law says, in plain English

Directors, officers, and employees of an association must obtain individual fidelity bonds before starting work to protect the association against financial losses from employee dishonesty or criminal acts.

Read the full statutory text

Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their individual bonds with adequate corporate surety payable to the association as an indemnity for any loss the association may sustain of money or other property by or through any fraud, dishonesty, forgery or alteration, larceny, theft, embezzlement, robbery, burglary, hold-up, wrongful or unlawful abstraction, misapplication, misplacement, destruction or misappropriation, or any other dishonest or criminal act or omission by the director, officer, or employee.

Verify at the official source: California legislative text

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