General Assembly Substitute Bill No. 6734
January Session, 2015 *_____HB06734JUD___050515____*
General Assembly
Substitute Bill No. 6734
January Session, 2015
*_____HB06734JUD___050515____*
AN ACT CONCERNING SURETY BAIL BOND AGENTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (b) of section 38a-660c of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(b) If a surety bail bond agent enters into a premium financing arrangement, such agent shall require (1) the principal on the bail bond or any indemnitor to make a minimum down payment of thirty-five per cent of the premium due, at the premium rate approved by the commissioner pursuant to chapter 701, and (2) the principal and any indemnitor to execute a promissory note for the balance of the premium due. Such promissory note shall provide that such balance shall be paid not later than [fifteen] thirty-six months after the date of the execution of the bail bond. If such balance has not been paid in full to the surety bail bond agent by the due date or a payment due under such arrangement is more than sixty days in arrears, such agent shall file, for a balance or payment due of one thousand dollars or more, and may file, for a balance or payment due of less than one thousand dollars, a civil action seeking appropriate relief with the court not later than seventy-five days after such due date. The surety bail bond agent shall make a diligent effort to obtain judgment after filing such [complaint] action on such promissory note unless good cause is shown for failure to obtain judgment, including, but not limited to, the filing for bankruptcy by the principal or the indemnitor or failure to serve process despite good faith efforts.
Sec. 2. Subsection (k) of section 38a-660 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(k) (1) (A) To further the enforcement of this section and sections 38a-660b to 38a-660m, inclusive, and to determine the eligibility of any licensee, the commissioner may, as often as the commissioner deems necessary, examine the books and records of any such licensee. Each person licensed as a surety bail bond agent in this state shall, on or before January thirty-first, annually, pay to the commissioner a fee of four hundred fifty dollars to cover the cost of examinations under this subsection.
(B) If such person fails to pay such fee on or before January thirty-first, annually, the license of such person shall automatically expire on the February first immediately following. The commissioner shall timely notify, annually, each person licensed as a surety bail bond agent in this state about such automatic expiration provision.
(2) The fees received by the commissioner pursuant to subdivision (1) of this subsection shall be dedicated to conducting the examinations under said subdivision (1) and shall be deposited in the account established under subdivision (3) of this subsection.
(3) There is established an account to be known as the "surety bail bond agent examination account", which shall be a separate, nonlapsing account within the Insurance Fund established under section 38a-52a. The account shall contain any moneys required by law to be deposited in the account and any such moneys remaining in the account at the [close of the fiscal] end of each calendar year shall be transferred to the General Fund.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2015 38a-660c(b)
Sec. 2 October 1, 2015 38a-660(k)
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2015
38a-660c(b)
Sec. 2
October 1, 2015
38a-660(k)
INS Joint Favorable Subst.
JUD Joint Favorable
INS
Joint Favorable Subst.
JUD
Joint Favorable