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Hearing on HB 2092 would standardize PEO renewal date, tighten audit timing and require bonds for negative working capital
Summary
House Bill 2092, brought by the Secretary of State’s office, would move annual registration renewals for professional employer organizations to Oct. 15, require audits submitted with renewals be no older than 12 months, and require a bond for PEOs with negative working capital while removing letters of credit and securities as options.
The Committee on Commerce, Labor and Economic Development heard testimony on House Bill 2092, a bill submitted by the Secretary of State that would standardize Professional Employer Organization (PEO) registration renewals on Oct. 15, align audit filing deadlines with renewals and require that any audit submitted with a renewal be no older than 12 months. The bill would also require a surety bond for PEOs that do not have positive working capital and would remove irrevocable letters of credit and securities as acceptable forms of surety.
Clay Barker, general counsel for the Kansas Secretary of State, said the…
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