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235.09.1-25. Collateral; Fiduciary Relationship

AR ADC 235.09.1-25Arkansas Administrative CodeEffective: July 1, 2020

West's Arkansas Administrative Code
Title 235. Arkansas Department of Labor and Licensing
Division 9. Professional Bail Bondsman Licensing Board
Rule 1. Rules of Bail Bond Business
Effective: July 1, 2020
Ark. Admin. Code 235.09.1-25
Formerly cited as AR ADC 164.00.1-22
235.09.1-25. Collateral; Fiduciary Relationship
Currentness
A. When a bail bond company/agent takes physical possession of collateral, a pre-numbered written receipt must be given reflecting the following:
(1) the name, address and telephone number of the professional bail bond company;
(2) the name and signature of the person giving collateral;
(3) the bail bond number(s) for which collateral is posted;
(4) a description and approximate value of collateral received;
(5) the purpose for collateral received; and
(6) the name and signature of the bail bond agent.
B. Any licensee who receives collateral in connection with a bail transaction shall receive such collateral in a fiduciary capacity, and, prior to any forfeiture of bail, shall keep it separate and apart from any other funds or assets of such licensee.
C. At no time shall collateral be converted to the personal use of the licensee or bail bond company prior to any forfeiture.

Credits

Amended July 1, 2020.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 235.09.1-25, AR ADC 235.09.1-25
End of Document