PURPOSE: This rule is intended to clarify the procedure for and form of the asset assignment requirement under sections 374.715 and 374.740, RSMo. This rule also provides the form of the assignment for the benefit of the state of Missouri to be used by all applicants for and by all current licensees seeking renewal of licensure as a general bail bond agent.

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 or the owner of the asset or assets, with the state of Missouri, director of the Department of Insurance as assignee. The interest of the state of Missouri and the director shall be prominently shown on the asset or assets. 20 CSR 700-6
2. (2) The Assignment form set forth as Exhibit 1 of this rule shall be used and submitted to the department by all applicants for licensure or upon renewal of licensure as a general bail bond agent in order to comply with the provisions of sections 374.715 and 374.740, RSMo. All general bail bond agent licensees seeking renewal shall supply a copy of this form with each renewal.
3. (3) The Acknowledgement of Assignment and Release of Assignment form set forth as Exhibit 2 of this rule shall be sent to the holder of the asset or assets required by section 374.715, RSMo.
4. (4) The holder of the asset or assets shall execute the Acknowledgement of Assignment and return it to the department within thirty
5. (30) days of receipt.

AUTHORITY: sections 374.045, 374.700– 374.775, RSMo 1994.* Original rule filed Oct. 15, 1996, effective May 30, 1997. *Original authority: 374.045, RSMo 1967, amended 1993, 1995 and 374.700–374.775, see Revised Statutes of the State of Missouri, 1994 and Cumulative Supplement, 1996.