2006 Code of Virginia § 9.1-185.14 - Reporting standards and requirements

9.1-185.14. Reporting standards and requirements.

A. Each licensed bail bondsman shall report within 30 calendar days to theDepartment any change in his residence, name, business name or businessaddress, and ensure that the Department has the names and all fictitiousnames of all companies under which he carries out his bail bonding business.

B. Each licensed bail bondsman convicted of a felony shall report within 30calendar days to the Department the facts and circumstances regarding thecriminal conviction.

C. Each licensed bail bondsman shall report to the Department within 30calendar days of the final disposition of the matter any administrativeaction taken against him by another governmental agency in the Commonwealthor in another jurisdiction. Such report shall include a copy of the order,consent to order or other relevant legal documents.

D. Each licensed property bail bondsman shall submit to the Department, on aprescribed form, not later than the fifth day of each month, a list of alloutstanding bonds on which he was obligated as of the last day of thepreceding month, together with the amount of the penalty of each such bond.

E. Each licensed property bail bondsman shall report to the Department anychange in the number of agents in his employ within seven days of such changeand concurrently provide proof of collateral of $200,000 for each new agent,in accordance with subsection C of 9.1-185.5.

F. Each licensed surety bail bondsman shall report to the Department within30 days any change in his employment or agency status with a licensedinsurance company. If the surety bail bondsman receives a new qualifyingpower of attorney from an insurance company, he shall forward a copy thereofwithin 30 days to the Department, in accordance with subdivision D 2 of 9.1-185.5.

G. Each licensed property bail bondsman shall report to the Department withinfive business days if any new lien, encumbrance, or deed of trust is placedon any real estate that is being used as collateral on his or his agents'bonds as well as the amount it is securing. The reporting requirementdeadline is deemed to begin as soon as the licensed property bail bondsmanlearns of the new lien, encumbrance, or deed of trust, or should havereasonably known that such a lien, encumbrance, or deed of trust had beenrecorded.

(2004, c. 460.)