SB164 Alabama 2011 Session

Under existing law, a bondsman, except a corporation qualified to do a bonding business in this state, is required to furnish a bond with corporate surety in the amount of $25,000 ($10,000 for Cullman County)

This bill would require a bondsman, except a corporation qualified to do a bonding business in this state, to furnish a bond with corporate surety in the amount of $50,000

This bill would also require a bondsman, except a corporation qualified to do a bonding business in this state, and a professional surety company to place in escrow, in a federally insured, interest bearing account, five percent of the total outstanding liability in excess of $500,000, up to a maximum escrowed amount of $200,000, and file a liability report with the circuit clerk of each county in which the person does business setting forth the amount of outstanding liability and a statement setting forth the escrowed amount

To amend Sections 15-13-22 and 15-13-159 of the Code of Alabama 1975, relating to surety requirements for bondsmen; to require a bondsman, except a corporation qualified to do a bonding business in this state, to furnish a bond with corporate surety in the amount of $50,000; and to require a bondsman, except a corporation qualified to do a bonding business in this state, and a professional surety company to place in escrow, in a federally insured, interest bearing account, five percent of the total outstanding liability in excess of $500,000, up to a maximum escrowed amount of $200,000, and file a liability report with the circuit clerk of each county in which the person does business setting forth the amount of outstanding liability and a statement setting forth the escrowed amount.