Utah Code 31A-35-407. Restricted account

31A-35-407. Restricted account.

(1)	There is created within the General Fund a restricted account known as the “Bail Bond Administration Account.”

Terms Used In Utah Code 31A-35-407

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
Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5

(2)

(a)	The account shall be funded from the fees imposed under this chapter.

(b)	The department shall deposit all fees collected under this part into the account.

(c)	The funds in the account shall be used by the department to administer this chapter.

(d)	The account shall earn interest, which shall be deposited into the account.

(3)

The department shall, at the end of each quarter, provide to the board an itemized accounting that includes the balances at the beginning and the end of the quarter. The department shall provide the report no later than the 30th day of the month subsequent to the last month of the required quarterly report.

Amended by Chapter 234, 2016 General Session

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