W. Va. Code R. § 114-103-9

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-103-9 - Cash Securities Held in Trust

9.1. Cash securities deposited by a professional bondsman with the Commissioner shall be held in trust for the protection and benefit of the holder of bail bonds executed by or on behalf of the bondsman in this State. The account shall be a separate account in the State Treasury designated the "Bail Bondsmen Cash Security Fund" and shall be administered by the Commissioner as set forth in subsection 9.2 of this rule.

9.2. The Commissioner may expend any and all cash securities or utilize the proceeds thereof for the purpose of satisfying the liabilities of the professional bondsman who pledged the cash security on bail bonds given in this State on which the bondsman is liable, but shall only be used if the bondsman fails to pay an order and judgment of forfeiture after being properly notified. The Commissioner shall not expend cash security pledged by one bondsman for the liabilities of another bondsman. The Commissioner shall not be liable for any of the incurred liabilities of the professional bondsman in excess of the pledged cash security.