The bill amends 59 O.S. 2021, Section 1314, which governs the practices of bail bondsmen regarding the acceptance and management of collateral. Key changes include the requirement for bail bondsmen to provide a detailed written receipt for collateral, which must indicate that the collateral is held for the benefit of the insurer. Additionally, the bill specifies that any mortgage or encumbrance against real property that does not indicate beneficial ownership in favor of the insurer will be considered a cloud on the title, subjecting the filer to potential penalties. The bill also emphasizes the fiduciary responsibilities of bail bondsmen in handling collateral and mandates that cash or negotiable instruments received as collateral be deposited in a separate non-interest-bearing trust account within two business days.

Furthermore, the bill introduces new reporting requirements for licensed bondsmen, who must now file monthly reports electronically with the Insurance Commissioner detailing bonds written, premiums charged, and collateral received. The reviewal fee that bondsmen must submit with their monthly reports is adjusted 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. The act is set to take effect on November 1, 2025.