As used in this chapter:
(1)"Bail bond" means a bail bond insurance product for a specified monetary amount that is:
(1)(a) executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
(1)(b) issued to a court, magistrate, or authorized officer to secure:
(1)(b)(i) the release of a person from incarceration; and
(1)(b)(ii) the appearance of the released person at court hearings the person is required to attend.
(2)"Bail bond agency" means any sole proprietor or entity that:
(2)(a) is licensed under Subsection 31A-35-404(1) or (2);
(2)(b) (2)(b)(i) is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;
(2)(b)(ii) pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with
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As used in this chapter:
(1) "Bail bond" means a bail bond insurance product for a specified monetary amount that is:
(1)(a) executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
(1)(b) issued to a court, magistrate, or authorized officer to secure:
(1)(b)(i) the release of a person from incarceration; and
(1)(b)(ii) the appearance of the released person at court hearings the person is required to attend.
(2) "Bail bond agency" means any sole proprietor or entity that:
(2)(a) is licensed under Subsection 31A-35-404(1) or (2);
(2)(b) (2)(b)(i) is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;
(2)(b)(ii) pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with judicial proceedings; or
(2)(b)(iii) pledges personal or real property, or both, as security for a bail bond in connection with judicial proceedings; and
(2)(c) receives or is promised money or other things of value for a service described in Subsection (2)(b).
(3) "Bail bond producer" means an individual who:
(3)(a) is appointed by:
(3)(a)(i) a surety insurer that sells bail bonds; or
(3)(a)(ii) a bail bond agency licensed under this chapter;
(3)(b) is appointed to execute or countersign undertakings of bail in connection with judicial proceedings; and
(3)(c) receives or is promised money or other things of value for engaging in an act described in Subsection (3)(b).
(4) "Bail enforcement agent" means the same as that term is defined in Section 53-11-102.
(5) "Board" means the Bail Bond Oversight Board created in Section 31A-35-201.
(6) "Certificate" means a certificate of authority issued under this chapter to allow an insurer to operate as a surety insurer.
(7) "Indemnitor" means an entity or natural person that enters into an agreement with a bail bond agency to hold the bail bond agency harmless from loss incurred as a result of executing a bail bond.
(8) "Liquid assets" means financial holdings that can be converted into cash in a timely manner without the loss of principal.
(9) "Premium" means the specified monetary amount used to purchase a bail bond.
(10) "Principal" means a person that:
(10)(a) guarantees the performance of a bail bond; or
(10)(b) owns not less than 10% of the bail bond agency.
(11) "Surety insurer" means an insurer that:
(11)(a) is licensed under Chapter 4, Insurers in General, Chapter 5, Domestic Stock and Mutual Insurance Corporations, or Chapter 14, Foreign Insurers;
(11)(b) receives a certificate under this title; and
(11)(c) sells bail bonds in connection with judicial proceedings.
(12) "Utah depository institution" means a depository institution, as defined in Section 7-1-103, that:
(12)(a) has Utah as its home state; or
(12)(b) operates a branch in Utah.