HF 4855 Summary

• Creates new Chapter 60M of Minnesota Statutes to regulate surety bail bond producers, supervising bail bond agencies, and bail bond enforcement agents under the Commissioner of Commerce.

• Requires surety bail bond producers to be individually licensed, prohibits law enforcement officers from obtaining licenses, and mandates criminal background checks and compliance affidavits for all applicants.

• Establishes premium financing requirements including minimum $100 premiums, 50% down payments for bonds $3,000-$10,000, 30% down for bonds over $10,000, and limits interest rates to 6% annually with 360-day payment periods.

• Mandates annual audits by insurers of all appointed bail bond producers covering premium collection, promissory notes, collateral security, and collection efforts, with audit reports due to the Commissioner by June 30 each year.

• Prohibits unlicensed solicitation in correctional facilities, police stations, and courthouses; prohibits payments to public officials or incarcerated persons; requires bail bond enforcement agents to possess valid licenses under the new chapter.