Utah Admin. Code R590-186-8 - Bonding Limits
(1) A bail bond
agency that maintains a qualified power of attorney from a surety insurer may
not maintain outstanding bail bond obligations over the amount allowed by the
surety insurer.
(2) A bail bond
agency that pledges assets of a letter of credit or pledges personal or real
property may not maintain outstanding bail bond obligations over the amounts
provided in the table below:
|
TABLE |
|
|
Financial Requirements |
Ratio of Outstanding Obligations to Letter of Credit or Net Worth and Liquidity Amounts |
|
$250,000 line of credit or net worth/$50,000 liquidity |
Licensed 0 to 36 months: 5 to 1 |
|
Licensed over 36 months: 5 to 1 |
|
|
$300,000 or more line of credit limit or net worth/at least $100,000 liquidity |
Licensed 0 to 36 months: 5 to 1 |
|
Licensed over 36 months: 10 to 1 |
|
(3)
The commissioner may reduce the bail bonding limit of a bail bond agency that
is backed by a letter of credit or a bail bond agency that pledges personal or
real property, if the bail bond agency meets the 10 to 1 ratio and the bail
bond agency's line of credit, net worth, or liquidity limit falls below the
limits stated in Subsection (2).
Notes
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No prior version found.