(1)Each cash-bonding agent
shall post a cash qualification bond of fifty thousand dollars with the division. The
bond must be to the people of the state of Colorado in favor of any court in this
state, whether municipal, county, district, or other court, and to the division for the
purposes of this section. In the event of a forfeiture of a cash-bonding agent's
qualification bond, the division has priority over all other claimants. To comply with
this subsection (1), the bond must be conditioned upon full and prompt payment into
the court ordering the bond forfeited. Cash-bonding agents shall not issue bonds
except in accordance with section 16-4-104 (1)(c)(III), C.R.S. In the event of a
qualification bond forfeiture, a cash-bonding agent shall not write new bail bonds
until the
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(1) Each cash-bonding agent
shall post a cash qualification bond of fifty thousand dollars with the division. The
bond must be to the people of the state of Colorado in favor of any court in this
state, whether municipal, county, district, or other court, and to the division for the
purposes of this section. In the event of a forfeiture of a cash-bonding agent's
qualification bond, the division has priority over all other claimants. To comply with
this subsection (1), the bond must be conditioned upon full and prompt payment into
the court ordering the bond forfeited. Cash-bonding agents shall not issue bonds
except in accordance with section 16-4-104 (1)(c)(III), C.R.S. In the event of a
qualification bond forfeiture, a cash-bonding agent shall not write new bail bonds
until the qualification bond is restored to fifty thousand dollars.
(2) Each professional cash-bail agent shall post a cash qualification bond of
no less than fifty thousand dollars with the division. The bond shall be to the people
of the state of Colorado in favor of any court in this state, whether municipal,
county, district, or other court, and to the division for the purposes of this section. A
professional cash-bail agent shall not furnish a single bail greater than twice the
amount of the bond posted with the division. In the event of a forfeiture of a
professional cash-bail agent's qualification bond, the division has priority over all
other claimants to the bond. To comply with this subsection (2), the bond must be
conditioned upon full and prompt payment into the court ordering the bond
forfeited. Professional cash-bail agents shall not issue bonds except in accordance
with section 16-4-104 (1)(c)(III), C.R.S. In the event of a qualification bond forfeiture,
a professional cash-bail agent shall not write new bail bonds until the qualification
bond is restored to at least fifty thousand dollars.
(3) To comply with this section, the division must be designated as an
authorized signatory with right of survivorship on any bank account, certificate of
deposit, commercial instrument, or security that funds the bond required by this
section. The right of survivorship terminates on the later of the date on which any
liability covered by the bond is satisfied or released or the third anniversary of the
death of the professional cash-bail agent or cash-bonding agent. When the right of
survivorship terminates, the division shall release the bond to the agent's estate or,
if the estate has been settled, to the heirs of the agent.
(4) To qualify under this section:
(a) A bank account, certificate of deposit, commercial instrument, or security
must be in the legal name of the professional cash-bail or cash-bonding agent and
not a trade name or other business name;
(b) The qualification bond must consist of assets that are solely owned and
in the name of the professional cash-bail or cash-bonding agent and be
immediately available for liquidation by the commissioner or the division;
(c) The qualification bond must be worth fifty thousand dollars net of any
penalty for withdrawal or liquidation;
(d) The professional cash-bail or cash-bonding agent may receive interest
thereon, unless the principal amount of the qualification bond falls below the
required fifty thousand dollars, if the qualification bond is an interest-bearing
instrument;
(e) The terms of the loan, promissory note, and financial arrangement must
be submitted to the division if the qualification bond is funded by the proceeds from
a loan, promissory note, or other financial arrangement; and
(f) The agreement must terminate at a fixed time and any rate of return is an
annual percentage rate and not tied to any premium or collateral or any other direct
function from which an agent makes a profit if the qualification bond consists of
moneys from a loan, promissory note, or other financial arrangement.
(5) Upon request by the person who posted the qualification bond to be
registered under this article, the commissioner shall release the bond if the person
has not been registered or licensed to write a bond as a professional cash-bail
agent or cash-bonding agent within the last seven years. Neither the commissioner
nor the division are liable to any other party for releasing the qualification bond in
accordance with this section.