{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1314","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1314","heading":"Written receipt for collateral - Description of","body":"collateral - Fiduciary duties - Monthly reports - Records - Reviewal\n\nfee.\n\nA. When a bail bondsman or managing general agent accepts\n\ncollateral, the bail bondsman or managing general agent shall give a\n\nwritten receipt for same, and this receipt shall give in detail a\n\nfull description of the collateral received. A description of the\n\ncollateral shall be listed on the undertaking by affidavit. All\n\nproperty taken as collateral, whether personal, intangible or real,\n\nshall be receipted for and deemed, for all purposes, to be in the\n\nname of, and for the use and benefit of, the insurer. Every\n\nreceipt, encumbrance, mortgage or other evidence of the custody,\n\npossession or claim shall facially indicate that it has been taken\n\nor made on behalf of the insurer through its authorized agent, the\n\nindividual licensed bondsman or managing general agent who has\n\ntransacted the undertaking with the bond principal. Any mortgage or\n\nother encumbrance against real property taken under the provisions\n\nof this section which does not indicate beneficial ownership of the\n\nclaim to be in favor of the insurer shall be deemed to constitute a\n\ncloud on the title to real estate and shall subject the person\n\nfiling, or causing same to be filed, in the real estate records of\n\nthe county, to a penalty of treble damages or One Thousand Dollars\n\n($1,000.00), whichever is greater, in an action brought by the\n\nperson, organization or corporation injured thereby. For collateral\n\ntaken, or liens or encumbrances taken or made pursuant to the\n\nprovisions of this section, the individual bondsman or managing\n\ngeneral agent taking possession of the property or making the lien,\n\nclaim or encumbrance shall do so on behalf of the insurer, and the\n\nindividual licensed bondsman shall be deemed to act in the capacity\n\nof fiduciary in relation to both:\n\n1. The principal or other person from whom the property is\n\ntaken or claimed against; and\n\n2. The insurer whose agent is the licensed bondsman.\n\nAs fiduciary and bailee for hire, the individual bondsman shall\n\nbe liable in criminal or civil actions at law for failure to\n\nproperly receipt or account for, maintain or safeguard, release or\n\ndeliver possession upon lawful demand, in addition to any other\n\npenalties set forth in this subsection. No person who takes\n\npossession of property as collateral pursuant to this section shall\n\nuse or otherwise dissipate the asset, or do otherwise with the\n\nproperty than to safeguard and maintain its condition pending its\n\nreturn to its lawful owner, or deliver to the insurer, upon lawful\n\ndemand pursuant to the terms of the bailment.\n\nWhen collateral security is received in the form of cash or\n\ncheck or other negotiable instrument, the bondsman shall deposit the\n\ncash or instrument within two (2) business days after receipt in an\n\nestablished, separate non-interest-bearing trust account in any bank\n\nlocated in Oklahoma. The trust account funds required under this\n\nsection shall not be commingled with other operating funds.\n\nB. Every licensed bondsman shall file monthly electronically\n\nwith the Insurance Commissioner and on forms approved by the\n\nCommissioner as follows:\n\n1. A monthly report showing every bond written, amount of bond,\n\nwhether released or revoked during each month, showing the court and\n\ncounty, and the style and number of the case, premiums charged and\n\ncollateral received; and\n\n2. Monthly reports showing total current liabilities, all bonds\n\nwritten during the month by the professional bondsman or multicounty\n\nagent bondsman and by any licensed bondsman who may countersign for\n\nthe professional bondsman or multicounty agent bondsman, all bonds\n\nterminated during the month, and the total liability and a list of\n\nall bondsmen currently employed by the professional bondsman or\n\nmulticounty agent bondsman.\n\nMonthly reports shall be submitted electronically to the\nby the professional bondsman or multicounty\n\nagent bondsman and by any licensed bondsman who may countersign for\n\nthe professional bondsman or multicounty agent bondsman, all bonds\n\nterminated during the month, and the total liability and a list of\n\nall bondsmen currently employed by the professional bondsman or\n\nmulticounty agent bondsman.\n\nMonthly reports shall be submitted electronically to the\n\nInsurance Commissioner by the fifteenth day of each month. The\n\nrecords shall be maintained by the Commissioner as public records.\n\nC. Every licensee shall keep at the place of business of the\n\nlicensee the usual and customary records pertaining to transactions\n\nauthorized by the license. All of the records shall be available\n\nand open to the inspection of the Commissioner at any time during\n\nbusiness hours during the three (3) years immediately following the\n\ndate the liability of the bondsman on the bond is discharged by the\n\ncourt or the date collateral is returned by the bondsman to its\n\nlawful owner, whichever is later. If an appearance bond is never\n\nexecuted and filed with the court, then all records shall be\n\nmaintained for three (3) years immediately following the date the\n\ndocuments were prepared. The Commissioner may require a financial\n\nexamination or market conduct survey during any investigation of a\n\nlicensee.\n\nD. Each bail bondsman shall submit each month with the monthly\n\nreport of the bondsman, a reviewal fee equal to two-tenths of one\n\npercent (2/10 of 1%) of the new liability written for that month.\n\nThe fee shall be payable to the Insurance Commissioner who shall\n\ndeposit same with the State Treasurer.","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":"ca283ddeebf2719b62fd30ec520156e09130a6803cd3413c5a67d7d5aaec8561","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1312","next":"us-ok/okla.-stat.-tit.-59-59-1315"},"notice":"GroundRules: Original legal text. Not legal advice."}