(1) An insurance producer who writes bail bonds shall not charge a premium or commission of more than the greater of fifty dollars or fifteen percent of the amount of bail furnished. An insurance producer who writes bail bonds shall not assess fees for any bail bond posted by the producer with the court unless the fee is for payment of a bail bond filing charged by a court or law enforcement agency, the fee is for the actual cost of storing collateral in a secure, self-service public storage facility, or the fee is for premium financing.
(2) If an insurance producer who posts the bail bond with the court has issued a disclosure statement in accordance with section 10-2-705 (2)(b), the producer may use collateral received from the defendant or indemnitor to secure the following obligations:
Compliance with the bond issued on behalf of the principal;
Any balance due on the premium, commission, or fee for the bail bond; and
Any actual costs incurred by the insurance producer as a result of issuing the bailbond.
(3) Subject to section 16-4-110 (1)(c) and (2), a bail premium is earned in its entirety by a compensated surety upon the defendant's release from custody.
Source: L. 2012: Entire section added, (HB 12-1266), ch. 280, p. 1500, § 16, effective July 1. L. 2017: (3) added, (HB 17-1231), ch. 284, p. 1575, § 11, effective January 1, 2018.