HB 1033 Summary

• Requires professional and multicounty agent bondsmen to submit audited financial statements prepared by certified accountants in accordance with Statements on Auditing Standards promulgated by the American Institute of Certified Public Accountants

• Establishes minimum net worth requirements: $150,000 for professional bondsmen and $250,000 for multicounty agent bondsmen, with audited statements current within 90 days of application

• Allows professional and multicounty agent bondsmen licenses to transfer upon death or incapacitation to spouse or designated transferee who holds surety bondsman license and meets asset requirements

• Modifies collateral handling requirements to clarify that bondsmen must not refuse to return collateral due to nonpayment of premium and that collateral must be reasonable in relation to bond amount

• Authorizes Insurance Commissioner to require electronic filings and payments for all types of forms and documents submitted to the Insurance Department; effective November 1, 2015