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Title 3 . Commerce, Community, and Economic Development
Chapter 23 . Miscellaneous
Section 820. Collateral; receipt

3 AAC 23.820. Collateral; receipt

(a) A licensee who receives collateral in connection with a bail bond transaction shall provide a prenumbered receipt to the person providing the collateral.

(b) The receipt for the collateral must state the

(1) date of receipt;

(2) name of the surety;

(3) bail bond number;

(4) number of the power of attorney form;

(5) name of the defendant;

(6) amount of the bond;

(7) full description of the collateral;

(8) amount of money or value of the collateral received;

(9) name of the individual making payment or giving the collateral; and,

(10) conditions for return of the collateral or excess collateral upon forfeiture to the person who paid the collateral, or to that person's heir, legal representative, or successor in interest.

(c) The receipt for the collateral must contain the legend "A complaint or dispute regarding the taking, use, or release of this collateral may be reported to the Department of Commerce, Community, and Economic Development, division of insurance, [insert division's Anchorage office address], if the complaint or dispute is not resolved in 45 working days."

(d) A receipt must be issued and maintained in numerical order. The original receipt book must remain permanently at the principal place of business of the licensee or surety. A duplicate receipt book may be kept in a location other than the principal place of business. A duplicate receipt book must be clearly identified as a duplicate.

(e) A willful misstatement on or an intentional omission from a receipt for collateral concerning the amount of collateral given or pledged, is a fraudulent insurance act under AS 21.36.360 (f).

(f) A licensee shall send a copy of the receipt for collateral to the surety within 30 working days of execution of a receipt.

History: Eff. 12/18/92, Register 124; am 4/27/2002, Register 162

Authority: AS 21.06.090

AS 21.27.350

AS 21.36.350

AS 21.36.360

Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

For purposes of 3 AAC 23.820(c) , the division of insurance's Anchorage office address is 550 West Seventh Avenue, Suite 1560, Anchorage, Alaska 99501-3567.

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Last modified 7/05/2006