N.Y. Comp. Codes R. & Regs. tit. 11 § 28.17

Current through Register Vol. 46, No. 45, November 2, 2024

Section 28.17 - Receipts and records to be provided to indemnitor and principal

(a)Premium and collateral paid. Every bail agent shall issue a numbered receipt to each indemnitor on a form promulgated by the superintendent for all premiums paid to the bail agent and for all collateral pledged with the bail agent in connection with an indemnity agreement or bail agreement upon collecting the premium or collateral from the indemnitor. The bail agent shall issue a receipt to each indemnitor when there is more than one indemnitor. Each such receipt shall include, at a minimum, the:

(1) date;

(2) indemnitor's name;

(3) principal's name;

(4) bail bond amount;

(5) amount of premium charged;

(6) amount of premium collected;

(7) amount and description of the collateral required;

(8) amount and description of the collateral collected; and

(9) full legal name of and contact information for the bail agent and insurer.

(b)Premium and collateral returned. Every bail agent shall issue a numbered receipt to each indemnitor on a form promulgated by the superintendent for all premiums and collateral returned to each indemnitor. The number on the receipt shall be the same number as the corresponding receipt required by subdivision (a) of this section. The bail agent shall issue a receipt to each indemnitor when there is more than one indemnitor. Each such receipt shall include, at a minimum, the:

(1) date;

(2) indemnitor's name;

(3) principal's name;

(4) bail bond amount;

(5) amount of premium charged;

(6) amount of premium collected;

(7) amount and description of premium returned, as applicable;

(8) amount and description of the collateral required

(9) amount and description of the collateral collected;

(10) amount and description of collateral returned, as applicable; and

(11) full legal name of and contact information for both the bail agent and insurer.

(c) The receipt shall be given to each indemnitor. The receipt shall be signed by the bail agent. The receipt shall be signed by each indemnitor and shall be retained by the bail agent for a period of at least six years from the date of exoneration or final order of forfeiture.

(d) The bail agent shall provide, as set forth in section 28.18 of this Part, to the principal and each indemnitor, as applicable:

(1) copies of all agreements and contracts that the principal and indemnitor sign, and all other documents and paperwork related to the terms and conditions of the bail at the time the agreements or contracts are signed; and

(2) the following written statements on a form promulgated by the superintendent:

(i) noting with particularity, the nature and amount of premium and collateral for the bail bond;

(ii) that the principal is entitled to be released promptly from custody after the execution of an indemnity agreement or bail agreement;

(iii) that the insurer or bail agent shall provide to the indemnitor, within 14 days of receipt of notice, a full refund of the premium paid if the principal is not released from custody or is released on the principal's own recognizance or under non-monetary conditions. If there is more than one indemnitor, the amount refunded to each indemnitor shall be the amount that the indemnitor paid;

(iv) noting with particularity, the restrictions, if any, placed on the principal as a condition of the bail;

(v) noting with particularity, the circumstance, if any, under which the bail agent would surrender the principal other than a forfeiture or exoneration;

(vi) the indemnitor is entitled to return of the full pledged collateral unless there is a forfeiture;

(vii) that the insurer, charitable bail organization or bail agent shall provide to the indemnitor prompt return of the collateral when there has been an exoneration; and

(viii) that the principal or indemnitor may file a complaint against the bail agent, insurer, or charitable bail organization with the department at the appropriate mailing or web address, or by calling the department's consumer hotline at the appropriate phone number.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 28.17

Adopted New York State Register November 20, 2019/Volume XLI, Issue 47, eff. 3/19/2020