| 1 | A bill to be entitled |
| 2 | An act relating to professional bail bond agent |
| 3 | securities; providing security deposit requirements for |
| 4 | certain professional bail bond agents; providing for |
| 5 | deposit of such securities with the Chief Financial |
| 6 | Officer; providing duties and responsibilities of the |
| 7 | Chief Financial Officer; providing for return of certain |
| 8 | securities to the bond agent under certain circumstances; |
| 9 | authorizing the Chief Financial Officer to sell or |
| 10 | transfer such securities for certain purposes under |
| 11 | certain circumstances; providing an effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. (1) Each professional bail bond agent licensed |
| 16 | under chapter 648, Florida Statutes, acting as surety on bail |
| 17 | bonds in this state shall maintain a deposit of securities with |
| 18 | and satisfactory to the Chief Financial Officer of the |
| 19 | Department of Financial Services of a fair market value of at |
| 20 | least one-eighth the amount of all bonds or undertakings written |
| 21 | in this state on which such agent is absolutely or conditionally |
| 22 | liable as of the first day of the current month. The amount of |
| 23 | this deposit must be reconciled with the bond agent's |
| 24 | liabilities as of the first day of the month, on or before the |
| 25 | fifteenth day of the month, and the value of the deposit shall |
| 26 | in no event be less than $15,000. |
| 27 | (2) The securities deposited by a professional bail bond |
| 28 | agent under subsection (1) shall be held in trust by the Chief |
| 29 | Financial Officer for the sole protection and benefit of the |
| 30 | holder of bail bonds executed by or on behalf of such bond agent |
| 31 | in this state. A pro rata portion of the securities shall be |
| 32 | returned to the bond agent when the Chief Financial Officer is |
| 33 | satisfied that the deposit of securities is in excess of the |
| 34 | amount required to be maintained with the Chief Financial |
| 35 | Officer by the bond agent and all the securities shall be |
| 36 | returned if the Chief Financial Officer is satisfied that the |
| 37 | bond agent has satisfied, or satisfactory arrangements have been |
| 38 | made to satisfy, the obligations of the bond agent on all of his |
| 39 | or her bail bonds written in this state. The Chief Financial |
| 40 | Officer may sell or transfer any of such securities and use the |
| 41 | proceeds thereof for the purpose of satisfying the liabilities |
| 42 | of the professional bond agent on bail bonds given in this state |
| 43 | on which the bond agent is liable. |
| 44 | Section 2. This act shall take effect upon becoming a law. |