(a) Before entry of a child support order pursuant to Section 4560, the court shall give the child support obligor reasonable notice and opportunity to file an application to reduce or eliminate the child support security deposit on either of the following grounds:
(1) The obligor has provided adequate alternative equivalent security to assure timely payment of the amount required by Section 4560.
(2) The obligor is unable, without undue financial hardship, to pay the support deposit required by Section 4560.
(b) The application shall be supported by all reasonable and necessary financial and other information required by the court to establish the existence of either ground for relief.
(c) After the filing of an application, the child support obligor shall also serve the application and supporting financial and other information submitted pursuant to subdivision (b) upon the child support obligee and any other party to the proceeding.