A. Prior to the issuance of a license to act as property bondsman, the applicant therefor shall deposit with the superintendent a surety bond in favor of the superintendent, or in lieu thereof a certificate of deposit, securities or a letter of credit issued by an institution, acceptable to the superintendent, and which letter is irrevocable for the term of the license, in a total aggregate amount of not less than twenty-five thousand dollars ($25,000), conditioned to pay the actual damages resulting to the state or to any member of the public from any violation by the property bondsman of the provisions of the Bail Bondsmen Licensing Law or any other insurance laws. Surety bonds shall be executed by a surety insurer authorized to do business in this state.
B. The bond or deposit shall be maintained for the duration of the license, or, in the case of a surety bond, until the surety is released from liability by the superintendent or until the bond is canceled by the surety. In addition, the bond or deposit shall be maintained until all bonds that have been posted with all courts become exonerated. Without prejudice to any liability incurred prior to expiration or cancellation, the bond may expire, or the surety may cancel a bond by giving written notice to the superintendent at least thirty days prior to the effective date of the cancellation. The licensee shall immediately replace a bond expired or so canceled or make the required deposit in lieu thereof.
History: Laws 1984, ch. 127, § 935; 2014, ch. 21, § 5.
Compiler's notes. — Laws 1984, ch. 127, § 993, provided that any deposit or surety bond filed in lieu thereof with or through the superintendent or state treasurer by any insurer in conjunction with authority to transact business in the state immediately prior to the effective date of the act (January 1, 1985) shall be given effect to the extent it complies with similar bonds required by the act after that date.
The 2014 amendment, effective May 21, 2014, required that a property bail bondsman's bond or deposit be maintained until all bonds that have been posted with all courts are exonerated; and in Subsection B, added the second sentence.
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