Florida Statute 648.29 | Lawyer Caselaw & Research

The 2024 Florida Statutes

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 Citing Statute 648.29

Total Results: 3

Roche Surety & Casualty Co. v. Department of Financial Services, Office of Insurance Regulation

Court: Fla. Dist. Ct. App. | Date Filed: 2005-02-09T00:00:00-08:00

Citation: 895 So. 2d 1139

Snippet: returned his build-up funds in violation of section 648.29(3), which provides that build-up funds are due …build-up funds by February 23, 2003, under section 648.29(3). Four days after receipt of the Department’s…against Roche alleging that it had violated section 648.29(3) by failing to timely return build-up funds to…open bond liabilities and that pursuant to section 648.29, he was entitled to a return of the build-up funds… that Roche was in willful violation of section 648.29(3) for failure to return the build-up funds. See

Carr v. Lammie

Court: Fla. Dist. Ct. App. | Date Filed: 2004-03-17T00:00:00-08:00

Citation: 868 So. 2d 636

Snippet: related to the sale as a money market account. See § 648.29, Fla. Stat. (1999). A statutory build-up fund may… a bail bond agent or a bail bond agency. See § 648.29(1). In his deposition, Mr. Carr admitted that this

Carr v. Lammie

Court: Fla. Dist. Ct. App. | Date Filed: 2002-04-05T00:00:00-08:00

Citation: 816 So. 2d 142

Snippet: deducted $10,000 from Mr. Carr’s build-up fund, see § 648.29, Fla. Stat. (1999), and Mr. Carr signed a promissory