SB 102 Summary

• Requires individuals and businesses that provide or loan funds to bail agents ("bail funders") to obtain bail agent licenses, clarifying intent of prior legislation and closing circumvention loopholes.

• Increases required surety bond amount for bail agents from $20,000 to $50,000, with current licensees having one year to comply with the new requirement.

• Establishes "bail agent business entity" as standard term for business entities operating as bail agents and requires such entities to maintain a designated licensed responsible individual who is subject to the same penalties as the entity for non-compliance.

• Expands recordkeeping requirements to include bail funder information, such as funder identity, amounts provided, funding sources, and repayment details for each bail bond transaction.

• Grants the Commissioner authority to request financial statements, balance sheets, bank statements, and other business operation information from licensees and requires licensees to respond substantively to Department inquiries within 21 days.