Bill Text: NJ S2291 | 2014-2015 | Regular Session | Introduced
Bill Title: Codifies and increases fees for licensing and renewal of bail-bond agents.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-06-30 - Introduced in the Senate, Referred to Senate Law and Public Safety Committee [S2291 Detail]
Download: New_Jersey-2014-S2291-Introduced.html
Sponsored by:
Senator PETER J. BARNES, III
District 18 (Middlesex)
SYNOPSIS
Codifies and increases fees for licensing and renewal of bail-bond agents.
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 the provisions of 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, at a rate of $300 for an initial license or registration and $250 for a license or registration renewal.
As used in this section, a "bail agent or agency" shall have the same meaning as set forth in section 1 of P.L.2003, c.202 (C.17:31-10).
2. This act shall take effect immediately.
STATEMENT
This bill codifies the licensing and registration fee for bail agents and agencies, and sets forth the annual fee at $300 for an initial license or registration and $250 for a renewal, to 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.
This bill implements a recommendation by the State of New Jersey Commission of Investigation (SCI) in its May 2014 report entitled, "Inside Out: Questionable and Abusive Practices in New Jersey's Bail-Bond Industry." The report 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.
