US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 10
                              PRODUCER LICENSING
    41-1043.  COLLATERAL. (1) A bail agent may accept collateral in connection
with the bail bond transaction if the collateral is not excessive in relation
to the face amount of the bond.
    (2)  All collateral received by a bail agent is received in a fiduciary
capacity.
    (a)  Collateral received in the form of cash must be deposited and
    maintained in a trust account that is separate and apart from any other
    funds or assets of the bail agent.
    (b)  Collateral other than cash must be maintained in a separate and
    secure location apart from the assets of the bail agent.
    (3)  Collateral received must be returned to the person who deposited the
collateral with the bail agent within fourteen (14) days of the date notice is
received that the obligation, the satisfaction of which was secured by
collateral, is discharged.
    (4)  A copy of the order of the court wherein the bail or undertaking was
ordered exonerated shall be deemed prima facie evidence of exoneration or
termination of the liability.
    (5)  If a bail agent accepts collateral, the bail agent shall give a
written receipt for the collateral to the person from whom the collateral was
received. The receipt shall include a full and detailed accounting of the
collateral received.