Oklahoma § 59-1306.1 - Multicounty agent bondsman – Application – Contents –

§ 59-1306.1. Multicounty agent bondsman – Application – Contents –

Deposit – Transfer - Agents.

A. 1. An applicant for a multicounty agent bondsman license

shall have been continually licensed as a professional bondsman in

the State of Oklahoma for a minimum of two (2) years without

suspension or having any unpaid forfeitures prior to the date of

application.

2. In addition to the requirements prescribed in Sections 1305

and 1306 of this title, an applicant for a multicounty agent

bondsman license shall submit to the Insurance Commissioner an

annual audited financial statement prepared by an accounting firm or

individual holding a permit to practice public accounting in this

state in accordance with the Statements on Auditing Standards

promulgated by the Auditing Standards Board of the American

Oklahoma Statutes - Title 59. Professions and Occupations

Institute of Certified Public Accountants setting forth the total

assets of the bondsman less liabilities and debts. For initial

applications and for subsequent renewals of the license, the

statement shall show a net worth of at least Two Hundred Fifty

Thousand Dollars ($250,000.00). The statement shall be current as

of a date not earlier than ninety (90) days prior to submission of

the application and the statement shall be attested to by an

unqualified opinion of the accountant.

3. Multicounty agent bondsman applicants shall make a deposit

with the Insurance Commissioner in the same manner as required of

domestic insurance companies. The deposit shall not be less than

One Hundred Thousand Dollars ($100,000.00). Provided however, any

and all deposits made pursuant to paragraph 3 of subsection A of

Section 1306 of this title shall count toward the fulfillment of any

deposit amount required by this section. The deposit shall be

subject to all laws, rules, and regulations as deposits by domestic

insurance companies but in no instance, except as provided herein,

shall a multicounty agent bondsman write bonds which equal more than

twelve times the amount of the deposit which the bondsman has

submitted to the Commissioner; provided however, any currently

licensed professional bondsman in good standing with the Department

and who, on the effective date of this act, meets the provisions of

the grandfather clause set forth in Section 1306 of this title and

who otherwise meets the requirements of this section shall be

afforded the same liability ratio as that of such grandfathered

professional bondsman. Such deposit shall require the review and

approval of the Insurance Commissioner prior to exceeding the

maximum amount of Federal Deposit Insurance Corporation basic

deposit coverage for any one bank or financial institution. In

addition, a multicounty agent bondsman may make the deposit by

purchasing an annuity through a licensed domestic insurance company

in the State of Oklahoma. The annuity shall be in the name of the

bondsman as owner with legal assignment to the Insurance

Commissioner. The assignment form shall be approved by the

Commissioner. If a bondsman exceeds the above limitation, the

bondsman shall be notified by the Commissioner that the excess shall

be reduced or the deposit increased within ten (10) days of

notification, or the license of the bondsman shall be suspended

immediately after the ten-day period, pending a hearing on the

matter.

4. The deposit provided for in this section shall constitute a

reserve available to meet sums due on forfeiture of any bonds or

recognizance executed by the bondsman.

5. Any deposit made by a multicounty agent bondsman pursuant to

this section shall be released and returned by the Commissioner to

the multicounty agent bondsman only upon extinguishment of all

liability on outstanding bonds. Provided, however, the Commissioner

Oklahoma Statutes - Title 59. Professions and Occupations

shall have the authority to review specific financial circumstances

and history of a multicounty agent bondsman, on a case-by-case

basis, and may release a portion of the deposit if warranted. The

Commissioner may promulgate rules to effectuate the provisions of

this paragraph.

6. No release of deposits to a multicounty agent bondsman shall

be made by the Commissioner except upon written application and the

written order of the Commissioner. The Commissioner shall have no

liability for any such release to a multicounty agent bondsman

provided the release was made in good faith.

B. The deposit provided in this section shall be held in

safekeeping by the Insurance Commissioner and shall only be used if

a bondsman fails to pay an order and judgment of forfeiture after

being properly notified or shall be used if the license of a

multicounty agent bondsman has been revoked. The deposit shall be

held in the name of the Insurance Commissioner and the bondsman.

The bondsman shall execute an assignment or pledge of the deposit to

the Insurance Commissioner for the payment of unpaid bond

forfeitures.

C. Notwithstanding any other provision of Sections 1301 through

1341 of this title, the license of a multicounty agent bondsman is

transferable upon the death or legal or physical incapacitation of

the bondsman to the spouse of the bondsman or to such other

transferee as the multicounty agent bondsman may designate in

writing, and the transferee may elect to act as a multicounty agent

bondsman for a period of one hundred eighty (180) days if the

following conditions are met:

1. The transferee shall hold a valid license as a surety

bondsman in this state; and

2. The asset and deposit requirements set forth in this section

continue to be met.

At the end of the one-hundred-eighty-day period, the transferee

shall be allowed to apply for a license as a multicounty agent

bondsman, provided he or she has been continually licensed as a

surety bondsman for at least five (5) years immediately prior to the

date of application, notwithstanding the requirements of paragraph 1

of subsection A of this section.

D. A multicounty agent bondsman may appoint by power of

attorney a licensed surety bondsman as his or her agent to execute

bail bonds within any county in the State of Oklahoma. The number

of bail bonds a multicounty agent bondsman may insure in counties

other than the county he or she registers his or her license,

pursuant to subsection A of Section 1320 of this title, shall not be

limited by subsection B of Section 1320 of this title.

Added by Laws 2014, c. 53, § 3, eff. July 1, 2014. Amended by Laws

2015, c. 110, § 2, eff. Nov. 1, 2015. Renumbered from § 1306A of

this title by Laws 2015, c. 110, § 13, eff. Nov. 1, 2015. Amended

Oklahoma Statutes - Title 59. Professions and Occupations

by Laws 2016, c. 16, § 1, eff. Nov. 1, 2016; Laws 2016, c. 203, § 4,

eff. Nov. 1, 2016.