Senate Bill 0768

    Florida Senate - 1998                                   SB 768

    By Senator Diaz-Balart





    37-724-98

  1                      A bill to be entitled

  2         An act relating to sureties; amending s.

  3         648.442, F.S.; authorizing the Department of

  4         Insurance to establish a form for an affidavit

  5         and statement required under s. 903.14, F.S.,

  6         relating to the amount and source of any

  7         security or consideration for a surety bond;

  8         prescribing a statement to be included on

  9         indemnity agreements; providing an effective

10         date.

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12  Be It Enacted by the Legislature of the State of Florida:

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14         Section 1.  Present subsection (8) of section 648.442,

15  Florida Statutes, is redesignated as subsection (10) and new

16  subsections (8) and (9) are added to that section to read:

17           648.442  Collateral security.--

18         (8)  The department shall establish by rule the form of

19  the affidavit and the statement identifying the amount and

20  source of the security as specified in s. 903.14.

21         (9)  An indemnity agreement may not be entered into

22  between a principal and either a surety or any agent of the

23  surety, and an application may not be accepted either by a

24  bail bond agent engaged in the bail bond business or by a

25  surety company for a bail bond in which an indemnity agreement

26  is required between a principal and either a surety or any

27  agent of such surety, unless the indemnity agreement reads as

28  follows:  "For good and valuable consideration, the

29  undersigned principal agrees to indemnify and hold harmless

30  the surety company or its agent for all losses not otherwise

31  prohibited by law or by rules of the Department of Insurance."

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1998                                   SB 768
    37-724-98




  1         Section 2.  This act shall take effect October 1, 1998.

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  4                          SENATE SUMMARY

  5  Authorizes the Department of Insurance to establish by rule
    a form for the affidavit or statement required by s. 903.14
  6  F.S., relating to the amount and source of security or
    consideration received by a surety for posting a bond.
  7  Prescribes a statement that must be included on an
    indemnity agreement.
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