Section 374.719

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 374

Effective - 01 Jan 2005, see footnote   

  374.719.  Collateral security accepted, when — receipt required — used to reimburse costs, when — records to be retained. — 1.  A licensee may accept collateral security from the principal in a fiduciary capacity, which collateral shall be returned upon final termination of liability on the bond.  When a licensee accepts collateral, the licensee shall provide a prenumbered written receipt, which shall include a detailed account of the collateral received by the licensee.  The acceptance of collateral security by a bail bond agent shall be reported to the general bail bond agent.

  2.  The collateral security required by the licensee shall be reasonable in relation to the amount of the bond.

  3.  If a failure to appear, absconding or attempting to abscond, or a judgment of forfeiture on the bond has occurred, the collateral security may be used to reimburse the licensee for any costs and expenses incurred associated with the forfeiture.

  4.  The general bail bond agent shall retain records of the acceptance, return, or judgment of forfeiture resulting in the use of the collateral to reimburse the licensee for a period of three years.

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(L. 2004 S.B. 1122)

Effective 1-01-05