CA AB3126

Prohibits certificates of deposit and requires contractors to deposit lawful money or cashier's checks with the registrar instead of posting bonds, effective January 1, 2019.

Requires all existing bond alternatives filed with the board to be replaced with surety bonds or cash deposits by January 1, 2020.

Imposes a $100 service fee on contractors depositing money or cashier's checks with the registrar to cover processing costs and claims handling, deposited into the newly created Contractors' Deposit Fund.

Establishes three-year and six-month limitation periods for actions against deposits given in lieu of contractor bonds, with extended timeframes for wage and fringe benefit claims.

Allows contractors to provide only information consistent with license application requirements when obtaining surety bonds or making deposits.