Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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:
(a)
executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
(b)
issued to a court, magistrate, or authorized officer to secure:
(i)
the release of a person from incarceration; and
(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:
is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;
(ii)
pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with judicial proceedings; or
(iii)
pledges personal or real property, or both, as security for a bail bond in connection with judicial proceedings; and
(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
Certificate: means a certificate of authority issued under this chapter to allow an insurer to operate as a surety insurer. See Utah Code 31A-35-102
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Liquid assets: means financial holdings that can be converted into cash in a timely manner without the loss of principal. See Utah Code 31A-35-102
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
Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
Security: means a:
(i)
note;
(ii)
stock;
(iii)
bond;
(iv)
debenture;
(v)
evidence of indebtedness;
(vi)
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
A bail bond agency that pledges the assets of a letter of credit from a Utah depository institution in connection with a judicial proceeding shall maintain an irrevocable letter of credit with a minimum face value of $300,000 assigned to the state from a Utah depository institution.
(b)
Notwithstanding Subsection (1)(a), a bail bond agency described in Subsection (1)(a) that is licensed under this chapter on or before December 31, 1999, shall maintain an irrevocable letter of credit with a minimum face value of $250,000 assigned to the state from a Utah depository institution.
(2)
(a)
A bail bond agency that pledges personal or real property, or both, as security for a bail bond in connection with a judicial proceeding shall maintain a verified financial statement for the bail bond agency’s immediately preceding fiscal year:
(i)
reviewed by a certified public accountant; and
(ii)
showing a minimum net worth of:
(A)
$300,000, at least $100,000 of which is in liquid assets; or
(B)
if the bail bond agency is licensed under this chapter on or before December 31, 1999, $250,000, at least $50,000 of which is in liquid assets.
(b)
For purposes of this Subsection (2), only real or personal property located in Utah may be included in the net worth of the bail bond agency.
(3)
A bail bond agency shall maintain a qualifying power of attorney issued by a surety insurer if:
(a)
the bail bond agency is the agent of the surety insurer; and
(b)
the surety insurer:
(i)
sells bail bonds;
(ii)
is in good standing in its state of domicile; and
(iii)
is granted a certificate to write bail bonds in Utah.
(4)
The commissioner may revoke the license of a bail bond agency that fails to maintain the minimum financial requirements required under this section.
(5)
The commissioner may set by rule the limits on the aggregate amounts of bail bonds issued by a bail bond agency.
