MS HB190

Requires the Insurance Department to establish a statewide Electronic Bondsmen Registry by October 1, 2016, for all professional bail agents, limited surety agents, bail soliciting agents, bail enforcement agents, and insurance companies writing bail bonds.

Revises qualification bond requirements for professional bail agents acting as personal sureties: one-fourth of all bonds written (minimum $30,000) for initial licensure, one-tenth (minimum $30,000) for agents licensed 2-10 years, and one-twentieth (minimum $30,000) for agents licensed over 10 years.

Requires professional bail agents to submit annual financial statements showing assets, liabilities, and net worth to the Insurance Department by June 1 each year.

Authorizes the Insurance Department to establish a Bail Bond Database to track all bail bonds written by personal surety and limited surety agents in the state.

Requires professional bail agents to hold collateral or take security interests when bail bonds are $15,000 or higher and the premium is financed, with written receipts required and collateral released upon bond extinguishment.