Senate Bill No. 378 amends Section 1314 of Title 59 of the Oklahoma Statutes, which pertains to the responsibilities of bail bondsmen regarding collateral. The bill mandates that when a bail bondsman or managing general agent accepts collateral, they must provide a detailed written receipt. It also clarifies that all collateral must be held in the name of the insurer and outlines the fiduciary responsibilities of the bondsman towards both the principal and the insurer. Additionally, the bill specifies that any mortgage or encumbrance against real property must indicate beneficial ownership in favor of the insurer to avoid penalties.

Furthermore, the bill modifies the reviewal fee that licensed bondsmen must submit monthly to the Insurance Commissioner, changing it from two-tenths of one percent (2/10 of 1%) to fifteen ten-thousandths of one percent (.0015%) of the new liability written for that month. It also requires that monthly reports be filed electronically and outlines the record-keeping responsibilities of the bondsmen. The act is set to take effect on November 1, 2025.