Signed by Governor Phil Bryant

Vote Smart's Synopsis:

Vote to pass a bill that amends the requirements for bail agent licenses.

Highlights:

• Requires each applicant for a professional bail agent license who acts as a personal surety to post a qualification bond of $30,000 (Sec. 2).

• Requires the Insurance Department to submit a report that details the amount of all bonds or undertakings that each bail bondsman has written in this state on which the bail bondsman is absolutely or conditionally liable since the Bail Bond Database was established by the Department (Sec. 2).

• Requires the Insurance Department to submit the above mentioned report to the senate and house of representatives committees on accountability, efficiency, and transparency (Sec. 2).

• Specifies that in the event of a final judgment of forfeiture of any bail bond written, the amount of money forfeited will be refunded to the bail agent or his insurance company upon proper showing to the court, provided the defendant in such cases is returned to the sheriff of the county to which the original bail bond was returnable, within 18 months of the date of such a final judgment (Sec. 2).

• Requires each professional bail agent, under oath, to provide the Insurance Department with an annual financial statement showing assets, liabilities, and net worth as of the end of the most recent calendar year, by June 1 (Sec. 3).

Full Bill Text