Arizona Laws 20-340.02. Bond of bail bond agents
A. Each applicant for a bail bond agent’s license or license renewal shall file with the application and shall maintain in force while licensed a bond in favor of this state executed by a surety insurer authorized to do business in this state. The bond may be continuous in form, and total aggregate liability on the bond shall be at least ten thousand dollars. The applicant shall place the bond on deposit with the state treasurer through the director’s office. The bond shall be conditioned on full accounting and due payment to the person entitled to the bond of monies coming into the bail bond agent’s possession as an incident to bail bond transactions under the license.
Terms Used In Arizona Laws 20-340.02
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bail bond: means any contract that is executed by a surety insurer for the release of a person who is arrested or confined for any actual or alleged violation of any federal, state or local criminal law where the released person's attendance in court when required by law and obedience to orders and judgment of any court is guaranteed. See Arizona Laws 20-340
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. The bond remains in force until released by the director or until cancelled by the surety. Without prejudice to any liability previously incurred, the surety may cancel the bond on thirty days’ advance written notice filed with the director.