Amendements to PEO statute pass Texas House

HB2249, which would amend the existing Texas PEO licensing statute has been passed by the Texas House of Representatives, and will now head to the Senate for consideration. As reported earlier, this bill would change the nature of the financial requirements from net worth to working capital, would require audited financial statements, and would provide an option for somewhat streamlined reporting and filing via an approved assurance organization.

The changes here are positive for the industry, and in the case of audits probably inevitable.