(1) Every qualified agent shall keep adequate records for three
years of all collateral and security received, all trust accounts
required by this section, and all bail bond transactions handled
by the bail bond agency, as specified by rule. The records shall
be open to inspection without notice by the director or
authorized representatives of the director.
(2) Every qualified agent who receives collateral or
security is a fiduciary of the property and shall keep adequate
records for three years of the receipt, safekeeping, and
disposition of the collateral or security. Every qualified agent
shall maintain a trust account in a federally insured financial
institution located in this state. All moneys, including cash,
checks, money orders, wire transfers, and credit card sales
drafts, received as collateral or security or otherwise held for
a bail bond agency's client shall be deposited in the trust
account not later than the third banking day following receipt of
the funds or money. A qualified agent shall not in any way
encumber the corpus of the trust account or commingle any other
moneys with moneys properly maintained in the trust account.
Each qualified agent required to maintain a trust account shall
report annually under oath to the director the account number and
balance of the trust account, and the name and address of the
institution that holds the trust account, and shall report to the
director within ten business days whenever the trust account is
changed or relocated or a new trust account is opened.
(3) Whenever a bail bond is exonerated by the court, the
qualified agent shall, within five business days after written
notification of exoneration, return all collateral or security to
the person entitled thereto.
(4) Records of contracts for fugitive apprehension must be
retained by the bail bond agent and by the bail bond recovery
agent for a period of three years.
[2004 c 186 § 8; 1996 c 242 § 3; 1993 c 260 § 11.]
NOTES:
Legislative recognition--2004 c 186: See note following RCW 18.185.010.