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Colorado Revised Statute C.R.S. 10-2-707: Business practices…

Colorado Revised Statute C.R.S...

Colorado Revised Statute C.R.S. 10-2-707: Business practices - price limits - collateral.(1) An insurance producer who writes bail bonds shall not charge a premium or commission of more than the greater of fifty dollars or fifteen percent of the amount of bail furnished.

Lawyer's Assistant: Has the producer talked to a CO lawyer about this?

With the word "or" does it not mean it is either $50.00 or 15%. There is nothing in-between. The answer to have we talked to a CO lawyer it is no. We have attempted to address it with the Division of Insurance.

Lawyer's Assistant: What steps has the producer taken so far?

Letter to DOI indicating how we believe it should be interpreted.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

One of their responses is "it has always been done this way" the producer can charge Min $50.00 and anything up to but not to exceed 15%

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Answered in 5 minutes by:
6/6/2018
Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,712
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The use of the word "or" means that the bond company can charge the GREATER amount of $50 or up to 15%. They could charge anything up to 15%, if they want to charge more than $50 but less than 15%, that is up to the bond company. They can charge 10% if they want to do so as long as it does not exceed the greater of $50 or 15%.

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Customer reply replied 2 months ago
using the word "or" means it's either monday or tuesday .... there is nothing in-between. if the intent it should read: a minimum of $50 or "UP TO" 15%
Customer reply replied 2 months ago
Sorry but I have to leave now to go post a bond I have been working on.... thank you for your time.

Thank you for your reply.

There is nothing between Monday and Tuesday. The fact is there is something between $50 an 15%, but we did not write the laws, the CO legislature did, but it is the interpretation the state has used forever and their interpretation is correct.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,712
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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