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 producer: means an individual who:
(a)
is appointed by:
(i)
a surety insurer that sells bail bonds; or
(ii)
a bail bond agency licensed under this chapter;
(b)
is appointed to execute or countersign undertakings of bail in connection with judicial proceedings; and
(c)
receives or is promised money or other things of value for engaging in an act described in Subsection (3)(b). See Utah Code 31A-35-102
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
When a person executes an agreement to act as a guarantor, the bail bondagency or the bail bond producer shall deliver to that person a copy of the agreement promptly upon that person’s execution of the agreement.
(3)
A bail bond producer may not enforce any guarantor agreement without disclosing to the guarantor all collateral held by the bail bond producer indemnifying the bail bond to which the agreement relates, and the identity of each other guarantor.
