A. A renewal license shall be issued by the Insurance Commissioner to a licensee who has continuously maintained same in effect, without further examination, upon payment of a renewal fee of Two Hundred Dollars ($200.00) for a cash, property, surety, or professional bail bondsman or One Thousand Dollars ($1,000.00) for a multicounty agent bondsman, and proof of completion of sixteen (16) hours of continuing education as required by Section 1308.1 of this title. The renewal fee for licenses expiring September 15, 2012, shall be prorated to the birth month of the bondsman. Thereafter the renewal fee shall be submitted biennially by the last day of the birth month of the bondsman. Such licensee shall in all other respects be required to comply with and be subject to the provisions of Section 1301 et seq. of this title.

B. An individual holding a professional bondsman license or multicounty agent bondsman license shall also provide an annual audited financial statement prepared by an accounting firm or individual holding a permit to practice public accounting in this state in accordance with the Statements on Auditing Standards promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants showing assets, liabilities, and net worth, the annual statement to be as of a date not earlier than June 30. The statements shall be attested to by an unqualified opinion of the accounting firm or individual holding a permit to practice public accounting in this state that prepared the statement or statements. The statement shall be submitted annually by the last day of September.

C. An individual holding a property bondsman license shall also provide an annual county assessor's written statement stating the property's assessed value for each property used to post bonds and a written statement from any lien holder stating the current payoff amount on each lien for each property used to post bonds. The written statements shall be submitted annually by the last day of September.

D. If the license is not renewed or the renewal fee is not paid by the last day of the birth month of the bondsman, the license shall expire automatically pursuant to Section 1304 of this title. After expiration, the license may be reinstated for up to one (1) year following the expiration date. If after the one-year date the license has not been reinstated, the licensee shall be required to apply for a license as a new applicant.

E. Reinstatement fees shall be double the original fee.

Added by Laws 1965, c. 184, § 9, eff. Jan. 1, 1966. Amended by Laws 1984, c. 225, § 9, emerg. eff. May 23, 1984; Laws 1987, c. 211, § 10, eff. Nov. 1, 1987; Laws 1989, c. 257, § 3, eff. Nov. 1, 1989; Laws 1992, c. 98, § 5, eff. Sept. 1, 1992; Laws 1994, c. 331, § 3, eff. Sept. 1, 1994; Laws 1995, c. 1, § 20, emerg. eff. March 2, 1995; Laws 2011, c. 242, § 16 and Laws 2011, c. 293, § 16, eff. June 20, 2011; Laws 2012, c. 82, § 2, eff. Nov. 1, 2012; Laws 2013, c. 150, § 3, eff. Nov. 1, 2013; Laws 2014, c. 53, § 4, eff. July 1, 2014; Laws 2014, c. 385, § 1, eff. Nov. 1, 2014; Laws 2015, c. 110, § 3, eff. Nov. 1, 2015.

NOTE: Laws 1994, c. 186, § 1 repealed by Laws 1995, c. 1, § 40, emerg. eff. March 2, 1995.

NOTE: Laws 2011, c. 242, § 16 and Laws 2011, c. 293, § 16 made identical changes to this section.