§ 17-19-304 - Maximum amount of unsecured bond. - Arkansas Statutes

17-19-304. Maximum amount of unsecured bond.

The maximum amount of unsecured bond commitment allowed for a professional bail bond company shall be determined by the following formulas:

(1) Not to exceed one hundred thousand dollars ($100,000) for each twenty-five thousand dollars ($25,000) of letters of credit or certificates of deposit filed with the Professional Bail Bond Company and Professional Bail Bondsman Licensing Board by the professional bail bond company; and

(2) Ten (10) times the net worth of the professional bail bond company as stated on the financial statement filed with the board at the time of licensing or annual license renewal. The financial statements must be prepared in accordance with standards established by the American Institute of Certified Public Accountants.