CT HB05824

Requires professional bondsmen to establish and maintain trustee accounts for collateral security and other indemnity received on bail bonds, effective October 1, 2023.

Increases the maximum fine for violations of bail bondsman regulations from existing penalties to $3,500 and removes imprisonment as a penalty option, while permanently forfeiting the right to engage in the business.

Mandates annual audits of trustee accounts by the Commissioner of Emergency Services and Public Protection for both professional bondsmen and surety bail bond agents.

Requires surety bail bond agents to maintain trustee accounts, pass a written competency examination, obtain criminal background checks, and establish financial responsibility as conditions for licensure.

Specifies that collateral security in excess of $50,000 in cash must be made payable via cashier's check, money order, certificate of deposit, or wire transfer, and must be promptly forwarded to the insurer or managing general agent.