2013 Maryland Code
INSURANCE
§ 10-301 - Definitions


MD Ins Code § 10-301 (2013) What's This?

§10-301.

(a) In this subtitle the following words have the meanings indicated.

(b) “Bail bond” means a written obligation of a defendant, with or without a surety or collateral security, that:

(1) is conditioned on the appearance of the defendant as required; and

(2) provides for the payment of a penal sum according to its terms.

(c) “Bail bondsman” means an authorized insurance producer of a surety insurer.

(d) “Collateral security” means any property deposited, pledged, or encumbered to secure the performance of a bail bond.

(e) “License” means a license issued by the Commissioner to provide bail bondsman services.

(f) “Provide bail bondsman services” means to provide any service in the bail bondsman trade.

(g) (1) “Surety” means a person, other than the defendant, that guarantees the appearance of the defendant by executing a bail bond.

(2) “Surety” includes an uncompensated or accommodation surety.

(h) “Surety insurer” means a person that, for compensation, directly or through an authorized insurance producer, acts as a surety on a bail bond.

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