AI-assisted research summary: A qualified surety company may back certain motor club arrest bond certificates by filing an undertaking with the director, and the undertaking must be in the director’s form and include specified information.
20-1533 - Surety companies; arrest bond certificates issued by motor clubs; definition 20-1533 . Surety companies; arrest bond certificates issued by motor clubs; definition A. A domestic or foreign surety company that has qualified to transact surety business in this state may become surety in an amount of not more than three hundred dollars with respect to a guaranteed arrest bond certificate issued by a motor club by filing with the director an undertaking to become surety. B. The undertaking shall both: 1. Be in a form prescribed by the director. 2. State the following: (a) The name and address of the motor club with respect to the guaranteed arrest bond certificates of which the surety company undertakes to be surety. (b) The unqualified obligation of the surety company to pay the forfeiture in an amount of not more than three hundred dollars of a person who, after posting a guaranteed arrest bond certificate with respect to which the surety company has undertaken to be surety, fails to make the appearance for which the guaranteed arrest bond certificate was posted. C. An undertaking filed by a domestic or foreign surety company with the director pursuant to this section expires on December 31 of each year. D. Motor clubs may issue guaranteed arrest bond certificates that are guaranteed by a domestic or foreign surety company for the year covered by the undertaking filed with the director pursuant to this section. E. For the purposes of this section "motor club" means an individual, firm, partnership, company, association or corporation engaged in selling, furnishing or procuring for consideration any one or a combination of the following for a member pursuant to an agreement: 1. "Bail bond service", which means furnishing or procuring for the member accused of a violation of any law a cash deposit, a bond, a guaranteed arrest bond certificate or any other undertaking. 2. "Buying and selling service", which means any act by which the member is aided in any way in the purchase or sale of a motor vehicle. 3. "Discount service", which means any act resulting in giving special discounts, rebates or reductions to the member. 4. "Emergency road service", which means any act consisting of the adjustment, repair or replacement of the equipment, tires or mechanical parts of a motor vehicle to permit it to be operated under its own power by or for the member. 5. "Financial service", which means any act by which loans or other advances of money are made to the member. 6. "Insurance service", which means any act consisting of selling or giving, with the agreement or as a result of membership in or affiliation with a motor club, a policy of insurance. 7. "Map service", which means furnishing road maps without cost to the member. 8. "Safety service", which means examining and testing motor vehicles and giving advice in connection with the safe and proper operation of the motor vehicles to the member. 9. "Theft service", which means any act the purpose of which is to locate, identify or recover a motor vehicle for the member, or to detect or apprehend the person guilty of the theft. 10. "Touring service", which means furnishing touring information without cost to the member. 11. "Towing service", which means any act consisting of moving for or on behalf of the member a motor vehicle from one place to another other than under its own power.