SECTION 365:25-5-49. Property bondsman requirements

(a)   Pursuant to 59 O.S. § 1301(B)(8), a property bondsman means any person who has been approved by the Insurance Commissioner and who pledges real property as a security for a bail bond in a judicial proceeding and charges and receives money for his or her services.

(b)   In order to calculate the market value of property pursuant to 59 O.S. § 1324, an applicant that applies for the property line of authority shall submit to the Insurance Commissioner for approval the following documents for each property used to post bonds:

(1)   A certified copy of the Warranty Deed;

(2)   An attorney's Title Opinion, which shall been prepared within the previous sixty (60) days prior to application;

(3)   A written statement from the county assessor stating the property's assessed value and showing the legal description of said property; and

(4)   A written statement from any lien holder stating the current payoff amount on each lien. If there are no liens on the property, an applicant shall submit an Affidavit stating there are no liens.

[Source: Added at 34 Ok Reg 1687, eff 9-15-17]