Time Deposit Horror with the CSLB


#1

The state of california was given a time deposit for the ammount of 10,000 from me instead of a Bond back when i opened my business .

HUGE MISTAKE!!!

As i figured it was gonna be hell trying to retrieve my money back .

Story :

August 2004:

Time Deposit was filed with the California State License Board for a period of 3 years in the ammount of $10,000 .

Jan 1st 2007 :

New law gets approved and all contractors are required to have a bond or time deposit for the new ammount of $12,500

Jan 25th 2007 :

Decided to purchase a bond for 12,500 and retrieve my Deposit .

Jan 27th 2007 :

After exausting calls i managed to talk to the right person on the bonding unit only to find out my time deposit had to remain on file for an additional 2 years .

Having my hopes crushed i resigned myself to wait this two years and pay a penalty for early withrawal as soon as CSLB would release my Deposit.

I WANT MY MONEY BACK!!!

Aug 20th 2007 :

Time Deposit matures and is currently during the grace period of 10 days .

I decided to make a call to the CSLB and after a half hour long answering service i was in contact with a person who wouldnt even let me explain my problem .

This person decided to give me the bonding unit phone number for further assistance .

I finally got thru to the bonding unit and a lady took my information .

Before i could put a word in she expalined my time deposit had to remain on file for 3 YEARS!!! FROM THE END OF MY CURRENT LICENSE PERIOD !! WHICH IS 2008!!!

MEANING I COULD GET MY MONEY BACK ON 2011!!!

All she said was that i probably had the “old documentation” where it said it was less time.

I am so dam frustrated right now and i am pretty sure even if i wait that long they will come up with more BS by then and they will change the story on me .

:cry:

I HOPE THIS HELPS SOMEONE SO HE DOESNT HAVE TO GO THRU THIS @!@#!$%#


#2

EDIT

Found my old documentation and it says my deposit must remain on file for two years after that licensing period which would make it 2010.

Read EVERYTHING !!

:cry:

But apparently someone updated that period to 3 years making it 2011 .

Dammit is one of those stupid moves you make when starting your business . I could have invest this funds in a better way but o well. :frowning:

Best part is i have to wait untill 2011 and still pay an early withrawal fee unless i decide to wait until 2013 !! :mrgreen:


#3

A picture is worth a million words

http://img61.imageshack.us/img61/6808/waa20cry20baby2mq1.jpg