Indiana § 27-10-2-14 Collateral securities; receipts; records

Indiana Statutes

§ 27-10-2-14 — Collateral securities; receipts; records

Indiana·Title 27 INSURANCE·Art. 10 INDIANA BAIL LAW·Ch. 2 General Provisions

(a)When a bail agent or insurer accepts collateral, the bail agent or insurer shall give a written receipt for the collateral. The receipt shall give in detail a full description of the collateral received and the terms of redemption. The collateral shall be considered to have been taken in a fiduciary capacity. The bail agent or insurer shall keep copies of all receipts at the bail agent's or insurer's place of business to be available to the commissioner for the commissioner's review.

(b)A bail agent or an insurer shall maintain in the bail agent's or insurer's office records of bail bonds executed or countersigned by the bail agent or insurer for at least one (1) year after the liability of the surety has been terminated. Salient details of the bonds shall be a part of the records req

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(a) When a bail agent or insurer accepts
collateral, the bail agent or insurer shall give a written receipt for the
collateral. The receipt shall give in detail a full description of the
collateral received and the terms of redemption. The collateral shall be
considered to have been taken in a fiduciary capacity. The bail agent
or insurer shall keep copies of all receipts at the bail agent's or insurer's
place of business to be available to the commissioner for the
commissioner's review.
(b) A bail agent or an insurer shall maintain in the bail agent's or
insurer's office records of bail bonds executed or countersigned by the
bail agent or insurer for at least one (1) year after the liability of the
surety has been terminated. Salient details of the bonds shall be a part
of the records required by this subsection.
(c) At the time a bail agent's license issued under IC 27-10-3 is
renewed, the bail agent or a firm or an agency that the bail agent is
employed by, associated with, or a member of shall file with the
commissioner a sworn statement on a form furnished by the
commissioner. The statement must include:
(1) a list of every outstanding or unpaid late surrender fee and
judgment;
(2) the name of the court in which each outstanding or unpaid late
surrender fee and judgment is recorded; and
(3) all other information determined by the commissioner to be
pertinent.
(d) The commissioner may:
(1) deny;
(2) suspend;
(3) revoke; or
(4) refuse to renew;
a license issued under this article for failure of the licensee to comply
with subsection (c).
(e) The commissioner may impose a civil penalty of not more than
ten thousand dollars ($10,000) against:
(1) an insurer;
(2) a bail agent; or
(3) a firm or an agency;
for failure to comply with subsection (c).
(f) A civil penalty imposed under subsection (e) may be enforced in
the same manner as a civil judgment.