374.719. Collateral security accepted, when--receipt required--used to reimburse costs, when--records to be retained. - Missouri Statutes

Collateral security accepted, when--receipt required--used toreimburse costs, when--records to be retained.

374.719. 1. A licensee may accept collateral security from theprincipal in a fiduciary capacity, which collateral shall be returned uponfinal termination of liability on the bond. When a licensee acceptscollateral, the licensee shall provide a prenumbered written receipt, whichshall include a detailed account of the collateral received by thelicensee. The acceptance of collateral security by a bail bond agent shallbe reported to the general bail bond agent.

2. The collateral security required by the licensee shall bereasonable in relation to the amount of the bond.

3. If a failure to appear, absconding or attempting to abscond, or ajudgment of forfeiture on the bond has occurred, the collateral securitymay be used to reimburse the licensee for any costs and expenses incurredassociated with the forfeiture.

4. The general bail bond agent shall retain records of theacceptance, return, or judgment of forfeiture resulting in the use of thecollateral to reimburse the licensee for a period of three years.

(L. 2004 S.B. 1122)

Effective 1-01-05