6 Va. Admin. Code § 20-250-40
Current through Register Vol. 41, No. 6, November 4, 2024
Section 6VAC20-250-40 - Initial bail bondsman license applicationA. Prior to the issuance of any bail bondsman license, each bondsman applicant shall:1. Pass the bail bondsman exam as prescribed by the board at a certified or licensed private security services training school with a minimum passing grade of 70%. Any applicant who improperly uses notes or other reference materials, or otherwise cheats on the exam, shall be ineligible to become a licensed bail bondsman.2. Successfully complete entry-level training, and firearms training if applicable, pursuant to the compulsory minimum training standards set forth under Part IV (6VAC20-250-130 et seq.) of this chapter.3. File with the department a completed application for such license on the form and in the manner provided by the department.4. Submit fingerprints to the department pursuant to 6VAC20-250-50.5. Submit the appropriate nonrefundable application processing fee and appropriate category fee to the department.6. Maintain a physical address in Virginia where records required to be maintained by the Code of Virginia and this regulation are kept and available for inspection by the department. A post office box is not a physical address.7. Provide the legal entity name, all fictitious names and physical addresses of all companies under which he carries out his bail bonding business.B. Additionally, prior to the issuance of a property bail bondsman license, each property bail bondsman applicant shall provide proof of collateral of $200,000 on his bonds and proof of collateral of $200,000 on the bonds of each of his agents. Any collateral that is not in the form of real estate, cash, or certificates of deposit issued by a FDIC-insured financial institution shall be specifically approved by the department before it may be used as collateral.C. A property bail bondsman license will not be issued if the true market value of the equity in his collateral of real estate, cash or certificates of deposit issued by a federally insured institution, or any combination thereof does not meet or exceed $200,000 on his bonds or the bonds of each of his agents. 1. If the property used as collateral is real estate, such real estate shall be located in the Commonwealth. In addition, the property bail bondsman applicant shall submit to the department: a. A true copy of the current real estate tax assessment thereof, certified by the appropriate assessing officer of the locality wherein such property is located or, at the option of the property bail bondsman, an appraisal of the fair market value of the real estate, which appraisal shall have been prepared by a licensed real estate appraiser, within one year of its submission.b. A new appraisal, if, at its discretion, the department so orders for good cause shown prior to certification. At the discretion of the department, after the original submission of any property appraisal or tax assessment, further appraisals or tax assessments for that property may not be required more than once every five years.c. An affidavit by the property bail bondsman applicant that states, to the best of such person's knowledge, the amount of equity in the real estate, and the amounts due under any obligations secured by liens or similar encumbrances against the real estate, including any delinquent taxes, as of the date of the submission. At its discretion, the department may require additional documentation to verify these amounts.2. If the property used as collateral consists of cash or certificates of deposit, the property bail bondsman applicant shall submit to the department verification of the amounts, and the names of the financial institution in which they are held. At its discretion, the department may require additional documentation to verify these amounts.3. Any property bail bondsman issued a certificate by a judge pursuant to former § 19.2-152.1 of the Code of Virginia, prior to July 1, 1989, who has continuously maintained his certification and who has never provided to a court collateral of $200,000 or more, shall continue to be exempt from the $200,000 collateral requirements specified above. Those property bail bondsmen who are exempted from this provision shall satisfy all of the other requirements in this article for bail bondsmen, and shall provide to the department the collateral amount to which they may bond and provide proof of his prior certification by obtaining a certified copy of (i) the certificate issued pursuant to former § 19.2-152.1 of the Code of Virginia and (ii) the documents held by the originating court that stated the collateral amount for which they were able to bond.4. Each property bail bondsman, if so directed by the department, shall place a deed of trust on the real estate that he is using for the limit of his expected bonded indebtedness to secure the Commonwealth and shall name the attorney for the Commonwealth of the affected locality as trustee under the deed of trust, and furnish the department an acceptable appraisal and title certificate of the real estate subject to any such deed of trust.5. Each property bail bondsman applicant shall submit signed documentation authorizing special power of attorney from an individual or appropriate resolutions or other authorizing documentation from a business entity, for the purpose of bonding on any collateral provided for licensure that is not legally in the sole ownership of the property bail bondsman.6. Each agent bail bondsman applicant shall submit signed documentation authorizing special power of attorney from an individual or appropriate resolutions or other authorizing documentation from a business entity, for the purpose of bonding on any collateral provided for licensure by the property bail bondsman.D. Prior to the issuance of a surety bail bondsman license, each surety bail bondsman applicant shall: 1. Submit proof of current licensing as a property and casualty insurance agent validated by the State Corporation Commission.2. Submit copies of each qualifying power of attorney that will be used to provide surety. All qualifying powers of attorney filed with the department shall contain the name and contact information for both the surety agent and the registered agent of the issuing company. In the event an applicant for a surety bail bondsman license is unable to obtain a qualifying power of attorney prior to the issuance of his license, the department may issue a letter of temporary licensure for not more than 30 days on the condition that each qualifying power of attorney obtained be filed within the 30 days. This temporary license does not permit a surety bail bondsman to write bail bonds for any insurance company without first filing the company qualifying power of attorney with the department.6 Va. Admin. Code § 20-250-40
Derived from Virginia Register Volume 24, Issue 23, eff. August 20, 2008.Statutory Authority
§ 9.1-185.2 of the Code of Virginia.