North Carolina H717 amends the Professional Employer Organization Act to update licensing requirements and financial obligations for PEOs.

North Carolina H717 amends the Professional Employer Organization Act to update licensing requirements and financial obligations for PEOs. The bill modifies the definition of "audited GAAP financial statement" and requires applicants to submit audited financial statements prepared by independent certified public accountants. It also updates the financial capacity requirements for applicants, including the necessity of a surety bond or letter of credit.

North Carolina H717 amends the Professional Employer Organization Act to update licensing requirements and financial obligations for PEOs.

North Carolina H717 amends the Professional Employer Organization Act to update licensing requirements and financial obligations for PEOs. The bill modifies the definition of "audited GAAP financial statement" and requires applicants to submit audited financial statements prepared by independent certified public accountants. It also updates the financial capacity requirements for applicants, including the necessity of a surety bond or letter of credit.