The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 648
BAIL BOND AGENTS

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F.S. 648.29

648.29 Build-up funds posted by bail bond agent.—

(1) All build-up funds pledged to indemnify an insurer which are posted by a bail bond agent or agency with the insurer must be held in an individual build-up trust account for the agent or agency in an FDIC-approved or FSLIC-approved bank or savings and loan association in this state, jointly in the name of the agent or agency and the insurer or in trust for the agent or agency by the insurer. Such account must remain open to inspection and examination by the department at all times. An accounting of all such funds shall be maintained which designates the amounts collected on each bond written.

(2) Build-up funds may not exceed 40 percent of the premium as established by the agent’s contract agreement with the insurer or managing general agent. Build-up funds received shall be immediately deposited to the build-up trust account. Interest on such accounts shall accrue to the bail bond agent.

(3) Build-up funds are maintained as a trust fund created on behalf of a bail bond agent or agency, held by the insurer in a fiduciary capacity to be used to indemnify the insurer for losses and any other agreed-upon costs related to a bail bond executed by the agent. The build-up funds are the sole property of the agent or agency. Upon termination of the bail bond agency or agent’s contract and discharge of open bond liabilities on the bonds written, build-up funds are due and payable to the bail bond agent or agency not later than 6 months after final discharge of the open bond liabilities.

(4) Each insurer authorized to write bail bonds in this state and each managing general agent must furnish to the department a certified copy of a statement listing each build-up trust account and the balance therein by March 1 of each year.

(5) Insurers must provide copies of build-up fund account bank statements to their agents and agencies.

History.—s. 8, ch. 65-492; s. 177, ch. 70-339; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 71, 72, ch. 82-175; ss. 50, 51, ch. 84-103; s. 5, ch. 87-321; ss. 6, 46, 47, ch. 90-131; s. 4, ch. 91-429; s. 6, ch. 96-372; s. 5, ch. 2002-260.

Note.—Former s. 903.392.

F.S. 648.29 on Google Scholar

F.S. 648.29 on Casetext

Amendments to 648.29

Arrestable Offenses / Crimes under Fla. Stat. 648.29

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 648.29.

Annotations, Discussions, Cases:

Cases from cite.case.law:

ROCHE SURETY AND CASUALTY COMPANY, INC. v. DEPARTMENT OF FINANCIAL SERVICES, OFFICE OF INSURANCE REGULATION,, 895 So. 2d 1139 (Fla. Dist. Ct. App. 2005)

. . . failed to pay buildup funds due a bail bond agent upon discharge of liabilities in violation of section 648.29 . . . complained to the Department that Roche had not returned his build-up funds in violation of section 648.29 . . . placing it on notice of its obligation to repay the build-up funds by February 23, 2003, under section 648.29 . . . Department filed a notice and order to show cause against Roche alleging that it had violated section 648.29 . . . Department to impose a fine of up to $20,000 when an insurer willfully fails to comply with section 648.29 . . .

E. CARR, v. P. LAMMIE, 868 So. 2d 636 (Fla. Dist. Ct. App. 2004)

. . . See § 648.29, Fla. Stat. (1999). . . . See § 648.29(1). In his deposition, Mr. . . .

C. BERKERY, v. CROSS COUNTRY BANK,, 256 F. Supp. 2d 359 (E.D. Pa. 2003)

. . . was $242.65, whereas CCB and ACS, the agent that handled collection on CCB’s credit cards, sought $648.29 . . . On May 10, 2001, FNCB, the external collection agency engaged by CCB to collect the $648.29 allegedly . . .

E. CARR, v. P. LAMMIE, 816 So. 2d 142 (Fla. Dist. Ct. App. 2002)

. . . Carr’s build-up fund, see § 648.29, Fla. Stat. (1999), and Mr. . . .

FIDELITY CONSTRUCTION COMPANY, v. UNITED STATES,, 700 F.2d 1379 (Fed. Cir. 1983)

. . . final decision of the contracting officer, dated March 28, 1980, found that Fidelity had supported $37,-648.29 . . .

L. WYSONG L. v. UNITED STATES, 326 F. Supp. 1384 (D. Minn. 1971)

. . . Plaintiff, in the calendar year 1967, received $648.29 as his distributive share of the corpus held in . . . of plaintiffs’ claim is that they are entitled to capital gains treatment as to the distribution of $648.29 . . .

TWIN CITY FORGE FOUNDRY CO. v. THE UNITED STATES, 60 Ct. Cl. 673 (Ct. Cl. 1925)

. . . such expense be apportioned between the performed and unperformed portions of the contract work, $3,-648.29 . . .