Senate Bill No. 378 amends existing legislation regarding bail bondsmen in Oklahoma, specifically focusing on the handling of collateral and reporting requirements. 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 in relation to both the principal and the insurer. Additionally, the bill stipulates 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 monthly reporting requirements for licensed bondsmen, requiring them to submit reports electronically to the Insurance Commissioner by the fifteenth day of each month. The report must include details about bonds written, premiums charged, and collateral received. Notably, the reviewal fee for new liability written has been adjusted from two-tenths of one percent to fifteen ten-thousandths of one percent. This legislation is set to take effect on November 1, 2025.