Utah Code 31A-35-406. Initial licensing, license renewal, and license reinstatement
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(1) An applicant for an initial bail bond agency license shall:
Terms Used In Utah Code 31A-35-406
- Agency: means :(6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and(6)(b) an insurance organization licensed or required to be licensed under Section
31A-23a-301 ,31A-25-207 , or31A-26-209 . See Utah Code 31A-1-301- Application: means a document:
(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301- 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 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. See Utah Code 31A-35-102- 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). See Utah Code 31A-35-102- Board: means the Bail Bond Oversight Board created in Section 31A-35-201. See Utah Code 31A-35-102
- Department: means the Insurance Department. See Utah Code 31A-1-301
- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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. See Utah Code 31A-35-102(1)(a) complete and submit to the department an application;(1)(b) submit to the department, as applicable, a copy of the applicant’s:(1)(b)(i) irrevocable letter of credit, as required under Subsection31A-35-404 (1);(1)(b)(ii) verified financial statement, as required under Subsection31A-35-404 (2); or(1)(b)(iii) qualifying power of attorney, as required under Subsection31A-35-404 (3); and(1)(c) pay the department the applicable renewal fee established in accordance with Section31A-3-103 .(2)(2)(a) A license under this chapter expires annually effective at midnight on August 31.(2)(b) To renew a bail bond agency license issued under this chapter, on or before August 31, the bail bond agency shall:(2)(b)(i) complete and submit to the department a renewal application that includes certification that:(2)(b)(i)(A) a principal of the agency attended or participated by telephone in at least one entire board meeting during the 12-month period before August 31; and(2)(b)(i)(B) as of May 1, the agency complies with aggregate bond limits established by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act;(2)(b)(ii) submit to the department, as applicable, a copy of the applicant’s:(2)(b)(ii)(A) irrevocable letter of credit, as required under Subsection31A-35-404 (1);(2)(b)(ii)(B) verified financial statement, as required under Subsection31A-35-404 (2); or(2)(b)(ii)(C) qualifying power of attorney, as required under Subsection31A-35-404 (3); and(2)(b)(iii) pay the department the applicable renewal fee established in accordance with Section31A-3-103 .(2)(c) A bail bond agency shall renew the bail bond agency’s license under this chapter annually as established by department rule, regardless of when the license is issued.(3)(3)(a) A bail bond agency may apply for reinstatement of an expired bail bond agency license within one year after the day on which the license expires by complying with the renewal requirements described in Subsection (2).(3)(b) If a bail bond agency license has been expired for more than one year, the person applying for reinstatement of the bail bond agency license shall comply with the initial licensing requirements described in Subsection (1).(4) If a bail bond agency license is suspended, the applicant may not submit an application for a bail bond agency license until after the day on which the period of suspension ends.(5) The department shall deposit a fee collected under this section in the restricted account created in Section31A-35-407 . - Application: means a document: