                                 CODE OF VIRGINIA

COLLATERAL RECEIVED IN THE COURSE OF BUSINESS; STANDARDS AND REQUIREMENTS (§
9.1-185.10)

A. A licensed bail bondsman shall be permitted to accept collateral security or
other indemnity from the principal, which shall be returned upon final
termination of liability on the bond, including the conclusion of all appeals or
appeal periods. Such collateral security or other indemnity required by the bail
bondsman shall be reasonable in relation to the amount of the bond.

B. When a bondsman accepts collateral, he shall give a written receipt to the
depositor. The receipt shall provide a full description of the collateral
received and the terms of redemption or forfeiture. The receipt shall also
include the depositor&#8217;s name and contact information.

C. Any bail bondsman who receives collateral in connection with a bail
transaction shall receive such collateral in a fiduciary capacity, and prior to
any forfeiture of bail shall keep it separate and apart from any other funds or
assets of such bail bondsman. In the event a bondsman receives collateral in the
nature of a tangible good, it shall be a per se violation of the bail
bondsman&#8217;s fiduciary duty to make personal use of any such collateral
unless there is a proper forfeiture of bail.

D. Any collateral received shall be returned with all due diligence to the
person who deposited it with the bail bondsman or any assignee other than the
bail bondsman as soon as the obligation is discharged and all fees owed to the
bail bondsman have been paid. In any event, after a specific request for the
return of the collateral by the depositor, the collateral shall be returned
within 15 days after all fees owed have been paid.

HISTORY: 2004, c. 460.