La. Admin. Code tit. 37 § XIII-18711

Current through Register Vol. 50, No. 9, September 20, 2024

Section XIII-18711 - Necessity of a Written Agreement for Collateral

A. All agreements concerning collateral must be in writing.

B. Written collateral agreements shall not contain any provision that is contrary to the requirements of this regulation or to those set forth in any law in Louisiana regarding bail bonds.

C. Written collateral agreements must include the full name of the person pledging the collateral, the full name of the defendant to be released, an accurate and sufficiently detailed description of the collateral, the bond amount, the power of attorney number, and such other information as necessary to specify the bail bond related to the collateral agreement.

D. A copy of the written collateral agreement and a written receipt for the collateral shall be provided to the person offering the collateral at the time of the transaction.

E. Written collateral agreements must also contain assurances that the collateral will not be used by the bail bond producer or surety for personal benefit or gain and that the collateral will be returned in the same condition as pledged.

La. Admin. Code tit. 37, § XIII-18711

Promulgated by the Department of Insurance, Office of the Commissioner, LR 482986 (12/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:2, 22:11, 22:1542, 22:1547, 22:1554, 22:1562, and the Administrative Procedure Act, R.S. 49:950, et seq.