OK SB976

Multicounty agent bondsman license applicants must have been continuously licensed as a professional bondsman for 2 years without suspension or any unpaid forfeitures prior to application

Applicants must submit annual audited financial statements showing minimum net worth of $250,000 and make a deposit of at least $100,000 with the Insurance Commissioner

Multicounty agent bondsmen cannot write bonds exceeding 12 times their deposit amount; exceeding this limit requires reducing exposure or increasing deposit within 10 days or facing license suspension

Bonds are exonerated when a defendant is granted deferred prosecution in addition to existing provisions for guilty/nolo contendere pleas, sentencing, or deferred sentencing

Effective date: November 1, 2016