Florida Statutes

Fla. Stat. § 648.29 (2025)

Build-up funds posted by bail bond agent.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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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.

Notes of Decisions

Cited in 4 cases, 2002–2012 · leading case: Roche Sur. & Cas. Co. v. Dep't of Fin. Servs., Off. of Ins. Reg., 895 So. 2d 1139 (Fla. 2d DCA 2005).

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Roche Sur. & Cas. Co. v. Dep't of Fin. Servs., Off. of Ins. Reg., 895 So. 2d 1139 (Fla. 2d DCA 2005). · cites it 8× “In pertinent part, the ALJ accepted Roche’s statement in the circuit court action that David had discharged his open bond liabilities and that pursuant to section 648.29, he was entitled to a return of the build-up funds account.”

Zweifel v. Comm'r, 2012 T.C. Memo. 93 (Tax Ct. 2012). · cites it 3× “BUF accounts are governed by Florida statute and are intended to indemnify the insuring company from any loss through the posting of bail bonds by an agent.”

Carr v. Lammie, 816 So. 2d 142 (Fla. 2d DCA 2002). · cites it 2× “Carr’s build-up fund, see § 648.29, Fla. Stat. (1999), and Mr. Carr signed a promissory note for the remaining ,000.”

Carr v. Lammie, 868 So. 2d 636 (Fla. 2d DCA 2004). · cites it 3× “See § 648.29, Fla. Stat. (1999). A statutory build-up fund may be posted by a bail bond agent or a bail bond agency.”

— 648.29(1) — 1 case

Carr v. Lammie, 868 So. 2d 636 (Fla. 2d DCA 2004). “See § 648.29, Fla. Stat. (1999). A statutory build-up fund may be posted by a bail bond agent or a bail bond agency.”

— 648.29(3) — 1 case

Roche Sur. & Cas. Co. v. Dep't of Fin. Servs., Off. of Ins. Reg., 895 So. 2d 1139 (Fla. 2d DCA 2005). “In pertinent part, the ALJ accepted Roche’s statement in the circuit court action that David had discharged his open bond liabilities and that pursuant to section 648.29, he was entitled to a return of the build-up funds account.”

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