--0000000000008b3e2706015303ba Content-Type: multipart/alternative; boundary="0000000000008b3e2506015303b8" --0000000000008b3e2506015303b8 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Hi Steve and Tim, Yesterday, when reviewing the application (Security - Irrevocable Letter of Credit) I was asked to reach Frank Stigter regarding the letter. When reviewing the instructions, I think this should be completed by finance and not by our insurance broker. I have also attached the template letter. Your thoughts? Sean Letter of credit requirements To be acceptable, the letter of credit must: - be made in favour of the Director of Employment Standards, - be issued by a bank in Canada or credit union - be electronic - be in the amount of $25,000 - be irrevocable so it cannot be recalled or repealed - automatically renew when it expires - permit =E2=80=9Cpartial drawings=E2=80=9D without any conditions, mean= ing that the Director of Employment Standards can, for reasons set out in the regulat= ion and in accordance with the prescribed processes, demand and receive a payment less than the entire amount specified in the letter of credit - have no other conditions We recommend you use our template for irrevocable letters of credit to ensure your letter of credit meets all requirements. On Thu, Jul 13, 2023 at 9:23=E2=80=AFAM Sean Cygan wrot= e: > Thank you > > On Thu, Jul 13, 2023 at 9:17=E2=80=AFAM Steve Koyanagi > wrote: > >> Sure; let's schedule a time next week. Thanks. >> >> On Thu, Jul 13, 2023 at 8:59=E2=80=AFAM Sean Cygan w= rote: >> >>> Hi Steve, >>> >>> Tim and I are working on a licensing for temporary help agencies and >>> recruiters application and it has some legal questions that we don't kn= ow >>> the answers to. >>> >>> I have attached the questions and was wondering if we can set up a time >>> to meet? >>> >>> Sean >>> >>> -- >>> Sean Cygan >>> Compliance Associate >>> >>> 858-287-3077 >>> 7777 Fay Avenue Ste. 210 >>> La Jolla, CA 92037 >>> TheKey.com >>> [image: TheKey] >>> >> --0000000000008b3e2506015303b8 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Hi Steve and Tim, Yesterday, when revie= wing the application=C2=A0(Security - Irrevocable=C2=A0Letter of Credit)=C2= =A0 I was asked to reach Frank Stigter regarding=C2=A0the letter.=C2=A0 When reviewing the instructions, I think this should = be completed by finance and not by our insurance broker.=C2=A0 =C2=A0I have= also attached the template letter. Your thoughts?= Sean=C2=A0 Letter = of credit requirements To be acceptable, the letter of credit must: be made in favour of the Director of Empl= oyment Standards, be issued by a bank i= n Canada or credit union be electronic be in the amount of $25,000 be irrevocable so it cannot be recalled or repeale= d automatically renew when it expires permit =E2=80=9Cpartial drawings=E2=80= =9D without any conditions, meaning that the Director of Employment Standar= ds can,