Fla. Stat. 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.

Source: Section 648.29 — Build-up funds posted by bail bond agent, https://www.­flsenate.­gov/Laws/Statutes/2024/0648.­29 (accessed Aug. 7, 2025).

648.24
Declaration of public policy 648.25
Definitions 648.26
Department of Financial Services 648.27
Licenses and appointments 648.29
Build-up funds posted by bail bond agent 648.30
Licensure and appointment required 648.31
Appointment taxes and fees 648.33
Bail bond rates 648.34
Bail bond agents 648.35
Professional bail bond agent 648.36
Bail bond agent’s records 648.38
Licensure examination for bail bond agents 648.39
Termination of appointment of managing general agents, bail bond agents, and bail bond agencies 648.40
Application for appointment of professional bail bond agents 648.42
Registration of bail bond agents 648.43
Power of attorney 648.44
Prohibitions 648.45
Actions against a licensee 648.46
Procedure for disciplinary action against licensees 648.48
Witnesses and evidence 648.49
Duration of suspension or revocation 648.50
Effect of suspension, revocation upon associated licenses and licensees 648.51
Surrender of license 648.52
Administrative fine 648.53
Probation 648.55
All bail bond agents of same agency 648.57
Penalty 648.58
Injunctive proceedings 648.279
Scope of license 648.285
Bond agency 648.295
Reporting and accounting of funds 648.315
Number of applications for licensure required 648.355
Limited surety agents and professional bail bond agents 648.365
Statistical reporting requirements 648.381
Reexamination 648.382
Appointment of bail bond agents and bail bond agencies 648.383
Renewal, continuation, reinstatement, and termination of appointment 648.384
Effect of expiration of appointment 648.385
Continuing education required 648.386
Qualifications for prelicensing and continuing education schools and instructors 648.387
Bail bond agent in charge 648.388
Insurer must appoint managing general agent 648.421
Notice of change of address or telephone number 648.441
Furnishing supplies to unlicensed bail bond agent prohibited 648.442
Collateral security 648.525
Civil assessment 648.571
Failure to return collateral 648.3875
Bail bond agent in charge 648.4425
Notice

Current through Fall 2025

§ 648.29. Build-up funds posted by bail bond agent's source at flsenate​.gov