PURPOSE: This rule is intended to clarify the procedure for the asset assignment requirement under sections 374.715 and 374.740, RSMo.

1. (1) The ten thousand dollar ($10,000)- or twenty-five thousand dollar ($25,000)-asset or assets required by sections 374.715 and 374.740, RSMo shall be held in the name of the general bail bond agent with the state of Missouri, director of the department as assignee. The general bail bond agent applicant shall submit with the general bail license application, the fee stated in section (1) of 20 FINANCIAL INSTITUTIONS AND PROFESSIONAL REGISTRATION

CSR 700-6.100, the Assignment, a completed Acknowledgement of Assignment from the financial institution issuing the Certificate of Deposit, and the original Certificate of Deposit.

1. (2) All general bail bond agents seeking renewal shall supply an original letter from the financial institution issuing the assigned Certificate of Deposit, stating that the Certificate of Deposit is still assigned to the state of Missouri. The letter must be printed on the financial institution’s letterhead, provide the Certificate of Deposit number, the general bail bond agent’s name, and must be signed and dated by an official of the financial institution. The letter from the financial institution shall be submitted with the renewal request and renewal fee stated in section
2. (1) of 20 CSR 700-6.100.
3. (3) The Assignment form and the Acknowledgement of Assignment and Release of Assignment form are available on the department website at www.insurance.mo.gov and at the offices of the department.

AUTHORITY: section 374.045, RSMo 2000 and sections 374.705, 374.710, and 374.784, RSMo Supp. 2007.* Original rule filed Oct. 15, 1996, effective May 30, 1997. Amended: Filed Sept. 14, 2004, effective March 30, 2005. Amended: Filed Nov. 30, 2007, effective July 30, 2008. *Original authority: 374.045, RSMo 1967, amended 1993, 1995; 374.705, RSMo 1983, amended 1993, 2004; 374.710, RSMo 1983, amended 1995, 2004; and 374.784, RSMo 2004.