Bill Text: NJ A3535 | 2014-2015 | Regular Session | Introduced
Bill Title: Increases fees for licensing and renewal of bail-bond agents to defray taxpayer costs per SCI recommendations.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-07-11 - Introduced, Referred to Assembly Judiciary Committee [A3535 Detail]
Download: New_Jersey-2014-A3535-Introduced.html
Sponsored by:
Assemblyman RONALD S. DANCER
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
Increases fees for licensing and renewal of bail-bond agents to defray taxpayer costs per SCI recommendations.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the licensing of bail agents, and supplementing P.L.2001, c.210 (C.17:22A-26 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding subsection a. of section 19 of P.L.2001, c.210 (C.17:22A-44) to the contrary, on or after January 1, 2015, the fee for licensing or registering as a bail bond agent or agency in the State shall be assessed annually.
The fee assessed shall be $300 for an initial license or registration, and $250 for a renewal of a license or registration.
As used in this section, a "bail agent or agency" means the same as the term is defined in section 1 of P.L.2003, c.202 (C.17:31-10).
2. This act shall take effect immediately.
STATEMENT
This bill increases the licensing and registration fee for bail agents and agencies, to be assessed as an annual fee of $300 for an initial license or registration and $250 for a renewal. These fees would be assessed on any license or registration issued or renewed on or after January 1, 2015.
Under current regulations, the fee for bail-bond agents (and other limited line insurance producers) is assessed biennially, at a rate of $75 every two years. A "bail agent or agency" is defined under the bill as any person or entity that solicits, negotiates or sells bail bonds, or is affiliated in any manner with the execution of bail and is licensed as a limited lines insurance producer pursuant to P.L.2001, c.210 (C.17:22A-26 et seq.), an insurance producer or a limited insurance representative.
The State of New Jersey Commission of Investigation (SCI) recommended in its May 2014 report "Inside Out: Questionable and Abusive Practices in New Jersey's Bail-Bond Industry," that the licensing and renewal fees for bail-bond agents and agencies be increased, in order to defray the taxpayer cost associated with the licensing, oversight, and administration of bail-bond agents and agencies, and to make the State's regulatory scheme more self-supporting. According to the SCI report, "If the initial fee were increased to at least $300 and renewals made mandatory on an annual, rather than semi-annual basis, at a rate of at least $250, more than $200,000 in additional revenue could be generated each year." The SCI report indicated that there are more than 1,000 currently licensed bail agents and agencies in New Jersey, of which most of the new annual revenue would derive from renewals.
