(1) An applicant for an initial bail bond agency license shall:

1. (a) complete and submit to the department an application;

2. (b) submit to the department, as applicable, a copy of the applicant's:

   1. (i) irrevocable letter of credit, as required under Subsection 31A-35-404(1);
   2. (ii) verified financial statement, as required under Subsection 31A-35-404(2); or
   3. (iii) qualifying power of attorney, as required under Subsection 31A-35-404(3); and
3. (c) pay the department the applicable renewal fee established in accordance with Section 31A-3-103.

(2)

1. (a) A license under this chapter expires annually effective at midnight on August 14.

2. (b) To renew a bail bond agency license issued under this chapter, on or before July 15, the bail bond agency shall:

   1. (i) complete and submit to the department a renewal application that includes certification that:

      1. (A) a principal of the agency attended or participated by telephone in at least one entire board meeting during the 12-month period before July 15; and
      2. (B) as of May 1, the agency complies with aggregate bond limits established by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act;

   2. (ii) submit to the department, as applicable, a copy of the applicant's:

      1. (A) irrevocable letter of credit, as required under Subsection 31A-35-404(1);
      2. (B) verified financial statement, as required under Subsection 31A-35-404(2); or
      3. (C) qualifying power of attorney, as required under Subsection 31A-35-404(3); and
   3. (iii) pay the department the applicable renewal fee established in accordance with Section 31A-3-103.
3. (c) A bail bond agency shall renew the bail bond agency's license under this chapter annually as established by department rule, regardless of when the license is issued.

(3)

1. (a) A bail bond agency may apply for reinstatement of an expired bail bond agency license within one year after the day on which the license expires by complying with the renewal requirements described in Subsection (2).
2. (b) If a bail bond agency license has been expired for more than one year, the person applying for reinstatement of the bail bond agency license shall comply with the initial licensing requirements described in Subsection (1).