|SB 0950||Regulation of Bail Bondsmen|
|LR Number:||S3551.01I||Fiscal Note:||3551-01|
|Committee:||Insurance and Housing|
|Last Action:||03/20/96 - Hearing Conducted S Insurance & Housing Committee|
|Effective Date:||August 28, 1996|
SB 950 - This act imposes the following new regulations upon bail bondsmen:
A person, in applying to be a bail bond agent, must show: 1) that he is at least 21 and a U.S. citizen; 2) has a net worth in liquid assets of at least $10,000; 3) has not been convicted of a felony; 4) is not an attorney; 5) is not an elected or appointed official or public employee; and 6) has no outstanding forfeitures or unsatisfied judgments upon such forfeitures on any bail bond in this or any other state.
A complaint may be filed against any person who has failed to renew or who has surrendered his license for failing to satisfy any bond forfeiture judgment within the time specified by the court.
A procedure is established to enter a judgment against a defendant and his sureties when the defendant fails to appear for trial. If any such judgment is not paid within ten days, the Director of the Department of Insurance may draw upon the assets of the bondsman and may suspend the bondsman's license.
No bond may be executed if such bond exceeds ten percent of
the bondsman's net worth. A bondsman may request the Director of
the Department of Insurance to license bail bond agents that he
employs. The bondsman shall appoint such agents by power of
attorney. The clerk of the court shall keep records in the
permanent case record of each bail bond that is posted.