31A-35-401. Requirement for license or certificate of authority -- Process -- Fees -- Limitations.

267 words·~1 min read·/ut/title-31a/chapter-35/31a-35-401

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/10/2016

(a)A person may not engage in the bail bond insurance business unless that person:

(i)is a bail bond agency licensed under this chapter;

(ii)is a surety insurer that is granted a certificate under this section in the same manner as other insurers doing business in this state are granted certificates of authority under this title; or

(iii)is a bail bond producer licensed in accordance with this section.

(b)A bail bond agency shall be licensed under this chapter as an agency.

(c)A bail bond producer shall be licensed under Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries , as a limited lines producer.

(2)A person applying for a bail bond agency license under this chapter shall submit to the commissioner:

(a)a completed application form as prescribed by the commissioner;

(b)a fee as determined by the commissioner in accordance with Section 31A-3-103 ; and

(c)any additional information required by rule.

(3)A fee required under this section is not refundable.

(4)A fee collected from a bail bond agency shall be deposited into a restricted account created in Section 31A-35-407 .

(a)A bail bond agency shall be domiciled in Utah.

(b)A bail bond producer shall be a resident of Utah.

(c)A foreign surety insurer that is granted a certificate to sell bail bonds may only sell bail bonds through a bail bond agency licensed under this chapter.

Amended by Chapter 234 , 2016 General Session