Oklahoma § 59-1314 - Written receipt for collateral - Description of

§ 59-1314. Written receipt for collateral - Description of

collateral - Fiduciary duties - Monthly reports - Records - Reviewal

fee.

A. When a bail bondsman or managing general agent accepts

collateral, the bail bondsman or managing general agent shall give a

written receipt for same, and this receipt shall give in detail a

full description of the collateral received. A description of the

collateral shall be listed on the undertaking by affidavit. All

property taken as collateral, whether personal, intangible or real,

shall be receipted for and deemed, for all purposes, to be in the

name of, and for the use and benefit of, the insurer. Every

receipt, encumbrance, mortgage or other evidence of the custody,

possession or claim shall facially indicate that it has been taken

or made on behalf of the insurer through its authorized agent, the

individual licensed bondsman or managing general agent who has

transacted the undertaking with the bond principal. Any mortgage or

other encumbrance against real property taken under the provisions

of this section which does not indicate beneficial ownership of the

claim to be in favor of the insurer shall be deemed to constitute a

cloud on the title to real estate and shall subject the person

filing, or causing same to be filed, in the real estate records of

the county, to a penalty of treble damages or One Thousand Dollars

($1,000.00), whichever is greater, in an action brought by the

person, organization or corporation injured thereby. For collateral

taken, or liens or encumbrances taken or made pursuant to the

provisions of this section, the individual bondsman or managing

Oklahoma Statutes - Title 59. Professions and Occupations

general agent taking possession of the property or making the lien,

claim or encumbrance shall do so on behalf of the insurer, and the

individual licensed bondsman shall be deemed to act in the capacity

of fiduciary in relation to both:

1. The principal or other person from whom the property is

taken or claimed against; and

2. The insurer whose agent is the licensed bondsman.

As fiduciary and bailee for hire, the individual bondsman shall

be liable in criminal or civil actions at law for failure to

properly receipt or account for, maintain or safeguard, release or

deliver possession upon lawful demand, in addition to any other

penalties set forth in this subsection. No person who takes

possession of property as collateral pursuant to this section shall

use or otherwise dissipate the asset, or do otherwise with the

property than to safeguard and maintain its condition pending its

return to its lawful owner, or deliver to the insurer, upon lawful

demand pursuant to the terms of the bailment.

When collateral security is received in the form of cash or

check or other negotiable instrument, the bondsman shall deposit the

cash or instrument within two (2) business days after receipt in an

established, separate non-interest-bearing trust account in any bank

located in Oklahoma. The trust account funds required under this

section shall not be commingled with other operating funds.

B. Every licensed bondsman shall file monthly electronically

with the Insurance Commissioner and on forms approved by the

Commissioner as follows:

1. A monthly report showing every bond written, amount of bond,

whether released or revoked during each month, showing the court and

county, and the style and number of the case, premiums charged and

collateral received; and

2. Monthly reports showing total current liabilities, all bonds

written during the month by the professional bondsman or multicounty

agent bondsman and by any licensed bondsman who may countersign for

the professional bondsman or multicounty agent bondsman, all bonds

terminated during the month, and the total liability and a list of

all bondsmen currently employed by the professional bondsman or

multicounty agent bondsman.

Monthly reports shall be submitted electronically to the

Insurance Commissioner by the fifteenth day of each month. The

records shall be maintained by the Commissioner as public records.

C. Every licensee shall keep at the place of business of the

licensee the usual and customary records pertaining to transactions

authorized by the license. All of the records shall be available

and open to the inspection of the Commissioner at any time during

business hours during the three (3) years immediately following the

date the liability of the bondsman on the bond is discharged by the

court or the date collateral is returned by the bondsman to its

Oklahoma Statutes - Title 59. Professions and Occupations

lawful owner, whichever is later. If an appearance bond is never

executed and filed with the court, then all records shall be

maintained for three (3) years immediately following the date the

documents were prepared. The Commissioner may require a financial

examination or market conduct survey during any investigation of a

licensee.

D. Each bail bondsman shall submit each month with the monthly

report of the bondsman, a reviewal fee equal to two-tenths of one

percent (2/10 of 1%) of the new liability written for that month.

The fee shall be payable to the Insurance Commissioner who shall

deposit same with the State Treasurer.

Added by Laws 1965, c. 184, § 14, eff. Jan. 1, 1966. Amended by

Laws 1984, c. 225, § 15, emerg. eff. May 23, 1984; Laws 1987, c.

211, § 15, eff. Nov. 1, 1987; Laws 1988, c. 177, § 2, emerg. eff.

May 26, 1988; Laws 1989, c. 257, § 6, eff. Nov. 1, 1989; Laws 1990,

c. 195, § 5, emerg. eff. May 10, 1990; Laws 1993, c. 170, § 2, eff.

Sept. 1, 1993; Laws 1998, c. 394, § 2, eff. July 1, 1998; Laws 2009,

c. 432, § 25, eff. July 1, 2009; Laws 2010, c. 222, § 58, eff. Nov.

1, 2010; Laws 2011, c. 242, § 17 and Laws 2011, c. 293, § 17, eff.

June 20, 2011; Laws 2014, c. 53, § 5, eff. July 1, 2014; Laws 2015,

c. 110, § 6, eff. Nov. 1, 2015; Laws 2016, c. 203, § 8, eff. Nov. 1,

2016; Laws 2021, c. 368, § 2, eff. Nov. 1, 2021.

NOTE: Laws 2011, c. 242, § 17 and Laws 2011, c. 293, § 17 made

identical changes to this section.