Section R590-186-8 - Bonding Limits(1) A bail bond agency that maintains a qualified power of attorney from a surety insurer may not maintain outstanding bail bond obligations over the amount allowed by the surety insurer.(2) A bail bond agency that pledges assets of a letter of credit or pledges personal or real property may not maintain outstanding bail bond obligations over the amounts provided in the table below: TABLE |
Financial Requirements | Ratio of Outstanding Obligations to Letter of Credit or Net Worth and Liquidity Amounts |
$250,000 line of credit or net worth/$50,000 liquidity | Licensed 0 to 36 months: 5 to 1 |
Licensed over 36 months: 5 to 1 |
$300,000 or more line of credit limit or net worth/at least $100,000 liquidity | Licensed 0 to 36 months: 5 to 1 |
Licensed over 36 months: 10 to 1 |
(3) The commissioner may reduce the bail bonding limit of a bail bond agency that is backed by a letter of credit or a bail bond agency that pledges personal or real property, if the bail bond agency meets the 10 to 1 ratio and the bail bond agency's line of credit, net worth, or liquidity limit falls below the limits stated in Subsection (2).Utah Admin. Code R590-186-8
Amended by Utah State Bulletin Number 2019-14, effective 6/21/2019Amended by Utah State Bulletin Number 2022-11, effective 5/11/2022