HB1033 Summary

• Requires cash bondsmen, professional bondsmen, and multicounty agent bondsmen to submit audited financial statements prepared in accordance with Statements on Auditing Standards promulgated by the American Institute of Certified Public Accountants, replacing prior "generally accepted principles of accounting procedures" language.

• Increases net worth requirements for professional bondsmen to $150,000 and multicounty agent bondsmen to $250,000, with corresponding deposit requirements of $50,000 and $100,000 respectively.

• Allows professional bondsmen licenses to be transferred upon death or incapacitation to a spouse or designated transferee who holds a valid surety bondsman license and meets asset/deposit requirements, with a temporary 180-day transition period.

• Permits the Insurance Commissioner to require electronic filing and payment of forms and fees, and authorizes multicounty agent bondsmen appointments to operate across multiple counties with expanded bonding authority.

• Effective November 1, 2015; recodifies Section 1306A as Section 1306.1 of Title 59.