HB 2407 Summary

• Creates a new "multicounty agent bondsman" license category for professional bondsmen who have been continuously licensed in Oklahoma for a minimum of two (2) years, with an additional license fee of $750.00.

• Requires multicounty agent bondsmen to demonstrate a net worth of at least $250,000 through certified financial statements and make deposits with the Insurance Commissioner of not less than $100,000, with deposits subject to a 12:1 liability ratio limitation.

• Allows multicounty agent bondsmen licenses to be transferred upon death or incapacity to a spouse or designated transferee who holds a valid surety bondsman license and continues to meet deposit and asset requirements.

• Increases renewal license fees to $1,000 for multicounty agent bondsmen (compared to $200 for other bail bondsmen) and requires annual financial statements prepared by certified accountants.

• Requires all licensed bondsmen to file monthly electronic reports with the Insurance Commissioner detailing bonds written, amounts, releases, revocations, and for professional/multicounty bondsmen, total liabilities and employed bondsmen lists; effective July 1, 2014.