Paragraph 1: Purpose and amount of the financial guarantee

The sole purpose of the financial guarantee provided for in article L. 7123-19 is to ensure: 1° Payment to models made available to users by a modelling agency of their salary and related benefits, compensation for paid holidays and remuneration due under article L. 7123-6; 2° Payment to social security bodies or other social institutions of the compulsory contributions due for these employees.

The amount of the financial guarantee may be revised at any time and is reviewed each year. For each modelling agency, this amount may not be less than 6% of the total payroll resulting from the annual declarations made under article R. 243-14 of the Social Security Code, nor less than a minimum of 15,200 euros, which may be revised by decree.

In the event of the absorption or merger of modelling agencies, the amount of the guarantee of the agency thus formed may not be less than the amount of the combined guarantees of these agencies. If a modelling agency is split up, the amount of its guarantee is divided between the agencies resulting from the split, in proportion to their respective payroll.