Idaho Admin. Code r. 18.06.01.017

Current through September 2, 2024
Section 18.06.01.017 - BAIL AGENT FINANCING OF BAIL BOND PREMIUMS
01.Written Agreement. No credit may be extended by any bail agent or surety insurance company for the payment of any bail bond premium without entering into a written agreement. The written agreement for the extension of credit to finance premium need to contain at a minimum the following:
a. The name, signatures, and dates of signatures of all parties to the credit agreement;
b. The amount of premium financed;
c. The per annum rate of interest; and
d. The scheduled premium payment dates.
02.Interest. A bail agent or surety insurance company that extends credit for premium payments at zero percent (0%) interest for more than ninety (90) days is in violation of Section 41-1314(4), Idaho Code.
03.Collateral for Credit Agreement. In any collateralized credit agreement the collateral will be separate and apart from any collateral used in the bail bond transaction, will be described in the credit agreement or in an attachment to the agreement, and will be handled in accordance with Section 41-1043, Idaho Code.

Idaho Admin. Code r. 18.06.01.017

Effective July 1, 2024