Colorado § 10-2-707 Business practices - price limits - collateral

Colorado Statutes

§ 10-2-707 — Business practices - price limits - collateral

Colorado·Title 10 Insurance·Art. Licenses

(1)An insurance producer who writes bail bonds shall not charge a premium or commission of more than the greater of fifty dollars or fifteen percent of the amount of bail furnished. An insurance producer who writes bail bonds shall not assess fees for any bail bond posted by the producer with the court unless the fee is for payment of a bail bond filing charged by a court or law enforcement agency, the fee is for the actual cost of storing collateral in a secure, self-service public storage facility, or the fee is for premium financing.

(2)If an insurance producer who posts the bail bond with the court has issued a disclosure statement in accordance with section 10-2-705 (2)(b), the producer may use collateral received from the defendant or indemnitor to secure the following o

Free access — add to your briefcase to read the full text and ask questions with AI

(1) An insurance
producer who writes bail bonds shall not charge a premium or commission of more
than the greater of fifty dollars or fifteen percent of the amount of bail furnished.
An insurance producer who writes bail bonds shall not assess fees for any bail bond
posted by the producer with the court unless the fee is for payment of a bail bond
filing charged by a court or law enforcement agency, the fee is for the actual cost
of storing collateral in a secure, self-service public storage facility, or the fee is for
premium financing.

(2) If an insurance producer who posts the bail bond with the court has
issued a disclosure statement in accordance with section 10-2-705 (2)(b), the
producer may use collateral received from the defendant or indemnitor to secure
the following obligations:

(a) Compliance with the bond issued on behalf of the principal;

(b) Any balance due on the premium, commission, or fee for the bail bond;
and

(c) Any actual costs incurred by the insurance producer as a result of issuing
the bail bond.

(3) Subject to section 16-4-110 (1)(c) and (2), a bail premium is earned in its
entirety by a compensated surety upon the defendant's release from custody.

Colorado § 10-2-707 (Business practices - price limits - collateral) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1500, � 16, effective July 1. L. 2017: (3) added, (HB 17-1231), ch. 284, p. 1575, � 11, effective January 1, 2018.