{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1306.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1306.1","heading":"Multicounty agent bondsman – Application – Contents –","body":"Deposit – Transfer - Agents.\n\nA. 1. An applicant for a multicounty agent bondsman license\n\nshall have been continually licensed as a professional bondsman in\n\nthe State of Oklahoma for a minimum of two (2) years without\n\nsuspension or having any unpaid forfeitures prior to the date of\n\napplication.\n\n2. In addition to the requirements prescribed in Sections 1305\n\nand 1306 of this title, an applicant for a multicounty agent\n\nbondsman license shall submit to the Insurance Commissioner an\n\nannual audited financial statement prepared by an accounting firm or\n\nindividual holding a permit to practice public accounting in this\n\nstate in accordance with the Statements on Auditing Standards\n\npromulgated by the Auditing Standards Board of the American\n\nInstitute of Certified Public Accountants setting forth the total\n\nassets of the bondsman less liabilities and debts. For initial\n\napplications and for subsequent renewals of the license, the\n\nstatement shall show a net worth of at least Two Hundred Fifty\n\nThousand Dollars ($250,000.00). The statement shall be current as\n\nof a date not earlier than ninety (90) days prior to submission of\n\nthe application and the statement shall be attested to by an\n\nunqualified opinion of the accountant.\n\n3. Multicounty agent bondsman applicants shall make a deposit\n\nwith the Insurance Commissioner in the same manner as required of\n\ndomestic insurance companies. The deposit shall not be less than\n\nOne Hundred Thousand Dollars ($100,000.00). Provided however, any\n\nand all deposits made pursuant to paragraph 3 of subsection A of\n\nSection 1306 of this title shall count toward the fulfillment of any\n\ndeposit amount required by this section. The deposit shall be\n\nsubject to all laws, rules, and regulations as deposits by domestic\n\ninsurance companies but in no instance, except as provided herein,\n\nshall a multicounty agent bondsman write bonds which equal more than\n\ntwelve times the amount of the deposit which the bondsman has\n\nsubmitted to the Commissioner; provided however, any currently\n\nlicensed professional bondsman in good standing with the Department\n\nand who, on the effective date of this act, meets the provisions of\n\nthe grandfather clause set forth in Section 1306 of this title and\n\nwho otherwise meets the requirements of this section shall be\n\nafforded the same liability ratio as that of such grandfathered\n\nprofessional bondsman. Such deposit shall require the review and\n\napproval of the Insurance Commissioner prior to exceeding the\n\nmaximum amount of Federal Deposit Insurance Corporation basic\n\ndeposit coverage for any one bank or financial institution. In\n\naddition, a multicounty agent bondsman may make the deposit by\n\npurchasing an annuity through a licensed domestic insurance company\n\nin the State of Oklahoma. The annuity shall be in the name of the\n\nbondsman as owner with legal assignment to the Insurance\n\nCommissioner. The assignment form shall be approved by the\n\nCommissioner. If a bondsman exceeds the above limitation, the\n\nbondsman shall be notified by the Commissioner that the excess shall\n\nbe reduced or the deposit increased within ten (10) days of\n\nnotification, or the license of the bondsman shall be suspended\n\nimmediately after the ten-day period, pending a hearing on the\n\nmatter.\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 multicounty agent bondsman pursuant to\n\nthis section shall be released and returned by the Commissioner to\n\nthe multicounty agent bondsman only upon extinguishment of all\n\nliability on outstanding bonds. Provided, however, the Commissioner\n\nshall have the authority to review specific financial circumstances\n\nand history of a multicounty agent bondsman, on a case-by-case\nhis section shall be released and returned by the Commissioner to\n\nthe multicounty agent bondsman only upon extinguishment of all\n\nliability on outstanding bonds. Provided, however, the Commissioner\n\nshall have the authority to review specific financial circumstances\n\nand history of a multicounty agent bondsman, on a case-by-case\n\nbasis, and may release a portion of the deposit if warranted. The\n\nCommissioner may promulgate rules to effectuate the provisions of\n\nthis paragraph.\n\n6. No release of deposits to a multicounty agent bondsman shall\n\nbe made 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 multicounty agent bondsman\n\nprovided the 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\nmulticounty agent bondsman has been revoked. The deposit shall be\n\nheld in the name of the Insurance Commissioner and the bondsman.\n\nThe bondsman shall execute an assignment or pledge of the deposit to\n\nthe Insurance Commissioner for the payment of unpaid bond\n\nforfeitures.\n\nC. Notwithstanding any other provision of Sections 1301 through\n\n1341 of this title, the license of a multicounty agent 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 multicounty agent bondsman may designate in\n\nwriting, and the transferee may elect to act as a multicounty agent\n\nbondsman for a period of one hundred eighty (180) days if the\n\nfollowing conditions are 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.\n\nAt the end of the one-hundred-eighty-day period, the transferee\n\nshall be allowed to apply for a license as a multicounty agent\n\nbondsman, provided he or she has been continually licensed as a\n\nsurety bondsman for at least five (5) years immediately prior to the\n\ndate of application, notwithstanding the requirements of paragraph 1\n\nof subsection A of this section.\n\nD. A multicounty agent bondsman may appoint by power of\n\nattorney a licensed surety bondsman as his or her agent to execute\n\nbail bonds within any county in the State of Oklahoma. The number\n\nof bail bonds a multicounty agent bondsman may insure in counties\n\nother than the county he or she registers his or her license,\n\npursuant to subsection A of Section 1320 of this title, shall not be\n\nlimited by subsection B of Section 1320 of this title.","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":"f1575f1658b25b003d286b17eb40d4a24839420e261f6bbbe8d8d26a57f3f650","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1306","next":"us-ok/okla.-stat.-tit.-59-59-1306a"},"notice":"GroundRules: Original legal text. Not legal advice."}