(a) When a bail bond company or its agent takes physical possession of collateral, a prenumbered written receipt must be given reflecting the:
- (1) Name, address, and telephone number of the professional bail bond company;
- (2) Name and signature of the person giving collateral;
- (3) Bail bond number and numbers for which collateral is posted;
- (4) Description and approximate value of collateral received;
- (5) Purpose for collateral received; and
- (6) Name and signature of the bail bond agent.
- (b) Any licensee who receives collateral in connection with a bail transaction shall receive such collateral in a fiduciary capacity and, prior to any forfeiture of bail, shall keep it separate and apart from any other funds or assets of such licensee.
- (c) At no time shall collateral be converted to the personal use of the licensee or bail bond company prior to any forfeiture.
(d)
- (1) The amount of the premium or compensation for the bond required by Arkansas Code § 17-19-301 shall be deposited in full prior to the arrestee’s release.
- (2) Property deposited as bail to meet the premium or compensation required shall not be used without submitting documentation to the court verifying the value of property deposited as bail and that title to the property has been transferred to the surety.