SB378 Summary

• Modifies the monthly reviewal fee that bail bondsmen must submit to the Insurance Commissioner from two-tenths of one percent (0.2%) to fifteen ten-thousandths of one percent (0.0015%) of new liability written each month.

• Requires bondsmen to file monthly reports electronically with the Insurance Commissioner showing all bonds written, released, or revoked, including court, county, case information, premiums, and collateral received.

• Mandates that cash or negotiable instrument collateral be deposited within two business days in a separate non-interest-bearing trust account in an Oklahoma bank, with funds kept separate from operating funds.

• Establishes fiduciary duties for bondsmen handling collateral, including proper receipting, accounting, maintenance, safeguarding, and delivery of property, with liability for criminal or civil penalties for violations.

• Becomes effective November 1, 2025.