FL Bail Bonds Exam Questions with 100% Correct Answers | Latest Update 2024/2025

FL Bail Bonds Exam Questions with 100% Correct Answers | Latest Update 2024/2025 Which two Florida Statutes govern the bail bond industry? Chapter 648 and 903 Which Governmental agency or department governs the bail bond industry in the state of Florida? 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? 48 hours What types of action can the department take against an agents bail bond license? ( 4 types) Fine-Probation-suspension-Revoke What is a daily bond register? 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? Power- Appearance Bond-premium receipt-Collateral receipt-promissory note-indemnity agreement-disclosure notice-Application/Contract-Discharge What is considered to be reasonable business hours 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? 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? The Department-The Sheriff-The surety within 10 days. What is a build up fund? Aka BUF A joint account between the surety company and agency to protect the Surety Company How is a build up fund account opened or titled? 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? The Bail Bond agent Build up funds are due payable to the agent how long after final discharge? 6 months What are the responsibilities of the primary bail bond agent? 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 Has to be a licensed and appointed bail bond agent. How long must a bail agent keep records of a bail bond transaction? 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 Bail Enforcement and Bounty Hunter How is the premium rate that an agent charges to the consumer determined? The Surety company negotiates with the department What is the minimum age requirement for an applicant of a limited surety agents license? 18 Years old What is the minimum education requirement for an applicant of a limited surety agents license? High school Diploma or equivalent A person holding a temporary bail bond license may or may not Execute or sign bonds-deliver a bond-handle collateral receipts-perform pickups alone- manage and office separate from their supervisor. What does it mean when an Insurer "appoints" an agent? Describe what this means and what steps are taken in the appointment procedure Must file the appointment with the department and at the same time pay the applicable appointment fees and taxes. A person appointed under this section must hold a valid bail bond agent's or temporary bail bond agent's license. What are the continuing education requirements in the state of Florida as it pertains to Bail Agents? Complete 14 hours every TWO years by the end of your birth month which includes at least 9 hours elective and 5 hours ethics What is the purpose of a Managing General Agent Supervise agency and/or Agents hired by the insurer What is the name of the document that a bail agent has to record in order to register in a county in which the wish to execute bonds in? With whom must they register this document and how often?