FL Bail Bonds Questions With Correct Answers!!

Which two Florida Statutes govern the bail bond industry? - Answer-Chapter 648 and 903 Which Governmental agency or department governs the bail bond industry in the state of Florida? - Answer-Florida Department of Financial Services The Records of all Bail Bond written in this state must be made available within how many hours after being requested by the state? - Answer-48 hours What types of action can the department take against an agents bail bond license? ( 4 types) - Answer-Fine-Probation-suspension-Revoke What is a daily bond register? - Answer-The power registry-Daily log of powers used-Itemized list to count What must be held in an individual file or envelope for each principal for whom a bail bond has been executed? - Answer-Power- Appearance Bond-premium receipt-Collateral receipt-promissory noteindemnity agreement-disclosure notice-Application/Contract-Discharge What is considered to be reasonable business hours - Answer-8 hours a day 5 days a week (Between the hours of 8am and 6pm) Explain what is acceptable as it pertains to the branch office of a bail agency's entrance and sign? - Answer-Business name and address you have filed with the department. How and whom must an agent notify if there has been a change in address, telephone number or name and what is the time frame allowed? - Answer-The Department-The Sheriff-The surety within 10 days. What is a build up fund? Aka BUF - Answer-A joint account between the surety company and agency to protect the Surety Company How is a build up fund account opened or titled? - Answer-Opened jointly in the name of the agent or agency and the insurer or in trust for the agent or agency by the insurer.Interest accrued on a build up fund account is credited to whom? - Answer-The Bail Bond agent Build up funds are due payable to the agent how long after final discharge? - Answer-6 months What are the responsibilities of the primary bail bond agent? - Answer-Responsibility of the overall operation, Management, Hiring and supervising of all individuals within the location. Explain the requirements for the ownership of a bail bond agency - Answer-Has to be a licensed and appointed bail bond agent. How long must a bail agent keep records of a bail bond transaction? - Answer-3 years after the liability of the surety has been terminated? List two examples or titles that a person may not use or represent themselves as in the state of Florida - Answer-Bail Enforcement and Bounty Hunter How is the premium rate that an agent charges to the consumer determined? - Answer-The Surety company negotiates with the department What is the minimum age requirement for an applicant of a limited surety agents license? - Answer- 18 Years old What is the minimum education requirement for an applicant of a limited surety agents license? - Answer-High school Diploma or equivalent