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§ 2088.2. Return of Collateral.


Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 5. Insurance Commissioner
Subchapter 1. Production of Insurance
Article 2. Bail Transactions
Subarticle 4. Conduct of Bail Licensees
10 CCR § 2088.2
§ 2088.2. Return of Collateral.
Any collateral received shall be returned to the person who deposited it with the bail licensee or to any assignee of such person, other than the bail licensee or his representative, as soon as he is advised that the obligation, the satisfaction of which was secured by the collateral, is discharged. It is the duty of the bail licensee or surety insurer to determine promptly whether such obligation has been discharged upon request for return of the collateral by the person depositing it or by his assignee. If the collateral was deposited to secure the obligation of a bond, it shall be returned immediately upon the entry of any order by an authorized official by virtue of which liability under the bond is terminated. If any licensee or surety insurer which has custody of the collateral fails to take promptly any action necessary to secure the termination of such liability, he shall return such collateral immediately upon the accrual of any right to secure an order of termination of liability. If such collateral was deposited as security for unpaid premium or charges and if such premium or charges remained unpaid at the time of exoneration and after demand therefor has thereafter been made by the licensee or surety insurer which has custody of the collateral, the collateral other than cash may be levied upon in the manner provided by law and the proceeds of such collateral may be applied to the amount of such unpaid premium or charges.
Note: Authority cited: Section 1812, Insurance Code. Reference: Sections 1800, 1800.75, 1800.8, 1801, 1802, 1802.1, 1802.2, 1802.5, 1802.6, 1802.7, 1802.71, 1802.72, 1802.73, 1802.74, 1802.75, 1803, 1804, 1805, 1806, 1807, 1809, 1810, 1812 and 1813, Insurance Code.
1. Change without regulatory effect adding Note filed 7-11-2016 pursuant to section 100, title 1, California Code of Regulations (Register 2016, No. 29).
This database is current through 4/9/21 Register 2021, No. 15
10 CCR § 2088.2, 10 CA ADC § 2088.2
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