(a) At the time of the application for license as a bail agent, the applicant shall file with the Department a bond executed and issued by a surety insurer authorized to transact business in the State in the minimum amount of $50,000, which bond shall secure the faithful performance of the applicant's duties as a bail agent. A bail agent license shall be automatically suspended if the bond is not in force or is otherwise impaired or unavailable to the Department. Current licensees who either do not currently have a bond filed with the Department or were required to provide a bond in an amount less than $50,000 at the time of their license applications under prior law shall file with the Department a new bond in the minimum amount of $50,000 within 1 year of the effective date of the increased bond requirement. (b) The bond shall have the following characteristics: (1) The bond must be conditioned upon a full accounting and payment to the person entitled thereto of money, property or other matters coming into the licensee's possession through bail bond transactions under the license. (2) The bond shall be in favor of the State and shall specifically authorize recovery by the Commissioner of the damages sustained if the licensee violates any of the terms of the license or the applicable laws and regulations of this State. (3) The aggregate liability of the surety for all damages shall not exceed the amount of the bond. (4) The bond must remain in force until released by the Commissioner, or cancelled by the surety. The surety may cancel the bond upon 30-days' written notice to the licensee and the Commissioner provided that the surety shall remain liable for any obligation arising under the bond prior to the effective date of cancellation or termination. (c) [Repealed.]
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