{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1306","heading":"Cash bondsman - Professional bondsman","body":"A. 1. An applicant for a cash bondsman license shall meet all\n\nrequirements set forth in Section 1305 of this title with exception\n\nof the one-year residence requirement. An applicant for a cash\n\nbondsman license shall affirmatively show that the applicant has\n\nbeen a bona fide resident of the state for six (6) months.\n\n2. In addition to the requirements prescribed in Section 1305\n\nof this title, an applicant for a professional bondsman license\n\nshall have been continually licensed as a surety, cash or property\n\nbondsman in the State of Oklahoma for a minimum of two (2) years\n\nimmediately prior to the date of application and shall submit to the\n\nInsurance Commissioner an audited financial statement prepared by an\n\naccounting firm or individual holding a permit to practice public\n\naccounting in this state in accordance with the Statements on\n\nAuditing Standards promulgated by the Auditing Standards Board of\n\nthe American Institute of Certified Public Accountants setting forth\n\nthe total assets of the bondsman less liabilities and debts as\n\nfollows: For all applications made prior to November 1, 2006, and\n\nthe subsequent renewals of a license issued upon the application\n\nwhen continuously maintained in effect as required by law, the\n\nstatement shall show a net worth of at least Fifty Thousand Dollars\n\n($50,000.00). For all applications made on and after November 1,\n\n2006, and the subsequent renewals of a license issued upon the\n\napplication when continuously maintained in effect as required by\n\nlaw, or for the renewal or reinstatement of any license that is\n\nexpired pursuant to subsection D of Section 1309 of this title,\n\nsuspended or revoked, the statement shall show a net worth of at\n\nleast One Hundred Fifty Thousand Dollars ($150,000.00), the\n\nstatements to be current as of a date not earlier than ninety (90)\n\ndays prior to submission of the application and the statement shall\n\nbe attested to by an unqualified opinion of the accountant.\n\n3. Professional bondsman applicants shall make a deposit with\n\nthe Insurance Commissioner in the same manner as required of\n\ndomestic insurance companies of an amount to be determined by the\n\nCommissioner. For all applications made prior to November 1, 2006,\n\nand the subsequent renewals of a license issued upon the application\n\nwhen continuously maintained in effect as required by law, the\n\ndeposit shall not be less than Twenty Thousand Dollars ($20,000.00).\n\nFor all applications made on and after November 1, 2006, and the\n\nsubsequent renewals of a license issued upon the application when\n\ncontinuously maintained in effect as required by law, or for the\n\nrenewal or reinstatement of any license that is expired pursuant to\n\nsubsection D of Section 1309 of this title, suspended or revoked,\n\nthe deposit shall not be less than Fifty Thousand Dollars\n\n($50,000.00). The deposits shall be subject to all laws, rules and\n\nregulations as deposits by domestic insurance companies but in no\n\ninstance shall a professional bondsman write bonds which equal more\n\nthan ten times the amount of the deposit which the bondsman has\n\nsubmitted to the Commissioner. Such deposit shall require the\n\nreview and approval of the Insurance Commissioner prior to exceeding\n\nthe maximum amount of Federal Deposit Insurance Corporation basic\n\ndeposit coverage for any one bank or financial institution. In\n\naddition, a professional bondsman may make the deposit by purchasing\n\nan annuity through a licensed domestic insurance company in the\n\nState of Oklahoma. The annuity shall be in the name of the bondsman\n\nas owner with legal assignment to the Insurance Commissioner. The\n\nassignment form shall be approved by the Commissioner. If a\n\nbondsman exceeds the above limitation, the bondsman shall be\n\nnotified by the Commissioner that the excess shall be reduced or the\n\ndeposit increased within ten (10) days of notification, or the\nin the\n\nState of Oklahoma. The annuity shall be in the name of the bondsman\n\nas owner with legal assignment to the Insurance Commissioner. The\n\nassignment form shall be approved by the Commissioner. If a\n\nbondsman exceeds the above limitation, the bondsman shall be\n\nnotified by the Commissioner that the excess shall be reduced or the\n\ndeposit increased within ten (10) days of notification, or the\n\nlicense of the bondsman shall be suspended immediately after the\n\nten-day period, pending a hearing on the matter. The limitation may\n\nbe exceeded with Commissioner approval when a state of emergency or\n\ndisaster is declared by the Governor, the Oklahoma Legislature or by\n\nthe United States Presidential Declaration of a Federal Emergency or\n\nMajor Disaster.\n\n4. The deposit provided for in this section shall constitute a\n\nreserve available to meet sums due on forfeiture of any bonds or\n\nrecognizance executed by the bondsman.\n\n5. Any deposit made by a professional bondsman pursuant to this\n\nsection shall be released and returned by the Commissioner to the\n\nprofessional bondsman only upon extinguishment of all liability on\n\noutstanding bonds. Provided, however, the Commissioner shall have\n\nthe authority to review specific financial circumstances and history\n\nof a professional bondsman, on a case-by-case basis, and may release\n\na portion of the deposit if warranted. The Commissioner may\n\npromulgate rules to effectuate the provisions of this paragraph.\n\n6. No release of deposits to a professional bondsman shall be\n\nmade by the Commissioner except upon written application and the\n\nwritten order of the Commissioner. The Commissioner shall have no\n\nliability for any such release to a professional bondsman provided\n\nthe release was made in good faith.\n\nB. The deposit provided in this section shall be held in\n\nsafekeeping by the Insurance Commissioner and shall only be used if\n\na bondsman fails to pay an order and judgment of forfeiture after\n\nbeing properly notified or shall be used if the license of a\n\nprofessional bondsman has been revoked. The deposit shall be held\n\nin the name of the Insurance Commissioner and the bondsman. The\n\nbondsman shall execute an assignment or pledge of the deposit to the\n\nInsurance Commissioner for the payment of unpaid bond forfeitures.\n\nC. Currently licensed professional bondsmen may maintain their\n\naggregate liability limits upon presentation of documented proof\n\nthat they have previously been granted a limitation greater than the\n\nrequirements of subsection A of this section.\n\nD. Notwithstanding any other provision of Sections 1301 through\n\n1341 of this title, the license of a professional bondsman is\n\ntransferable upon the death or legal or physical incapacitation of\n\nthe bondsman to the spouse of the bondsman, or to such other\n\ntransferee as the professional bondsman may designate in writing,\n\nand the transferee may elect to act as a professional bondsman for a\n\nperiod of one hundred eighty (180) days if the following conditions\n\nare met:\n\n1. The transferee shall hold a valid license as a surety\n\nbondsman in this state; and\n\n2. The asset and deposit requirements set forth in this section\n\ncontinue to be met.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8a468b162d079f6ecd0c7d062b8f6b35f2087e4d2b093dbde3c72f0809a9f4d1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1305","next":"us-ok/okla.-stat.-tit.-59-59-1306.1"},"notice":"GroundRules: Original legal text. Not legal advice."}