1. (1) A bail bond agency that maintains a qualified power of attorney from a surety insurer may not maintain outstanding bail bond obligations over the amount allowed by the surety insurer.

2. (2) A bail bond agency that pledges assets of a letter of credit or pledges personal or real property may not maintain outstanding bail bond obligations over the amounts provided in the table below:

   TABLEFinancial RequirementsRatio of Outstanding Obligations to Letter of Credit or Net Worth and Liquidity AmountsLicensed 0 to 36 months: 5 to 1$250,000 line of credit or net worth/$50,000 liquidityLicensed over 36 months: 5 to 1$300,000 or more line of credit limit or net worth/at Licensed 0 to 36 months: 5 to 1

   least $100,000 liquidityLicensed over 36 months: 10 to 1

3. (3) The commissioner may reduce the bail bonding limit of a bail bond agency that is backed by a letter of credit or a bail bond agency that pledges personal or real property, if the bail bond agency meets the 10 to 1 ratio and the bail bond agency's line of credit, net worth, or liquidity limit falls below the limits stated in Subsection (2).

KEY: insurance

Date of Last Change: September 10, 2024

Notice of Continuation: July 7, 2023

Authorizing, and Implemented or Interpreted Law: 31A-35-104; 31A-35-301; 31A-35-401; 31A-35-406