Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters
Article 5 - Bail Bonds
3 AAC 23.820 - Collateral; receipt

Universal Citation: 3 AK Admin Code 23.820

Current through February 24, 2025

(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.

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 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.

In 2010 the revisor of statutes, acting under AS 01.05.031, redesignated former AS 21.36.350 as AS 21.36.125(c). As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.820, so that the citation to former AS 21.36.350 now refers to AS 21.36.125.

Authority:AS 21.06.090

AS 21.27.350

AS 21.36.125

AS 21.36.360

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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