Senate Bill 373 Summary

• Requires professional bondsman applicants to submit audited financial statements prepared according to Statements on Auditing Standards (SAS) instead of general accounting principles, with minimum net worth of $50,000 (pre-2006) or $150,000 (post-2006).

• Creates new multicounty agent bondsman license category requiring two years continuous professional bondsman experience, $250,000 minimum net worth, and $100,000 deposit; allows transferees to apply for multicounty agent license after 180-day transition period with five years surety bondsman experience.

• Requires professional and multicounty agent bondsmen to submit annual audited financial statements by September 30, with statements dated no earlier than June 30.

• Prohibits bondsmen from refusing to return collateral due to nonpayment of premium; adds prohibition on posting bonds without first obtaining written or oral agreement with defendant or cosigner.

• Allows Insurance Commissioner to require electronic filing of forms and payments; amendments become effective July 1, 2015, with emergency declaration for immediate implementation.