§ 38.2-2407. Sureties with respect to guaranteed arrest bond certificates of automobile clubs and association...
A. Any domestic or foreign fidelity and surety insurer licensed to transact surety business in this Commonwealth may become surety in any year for any guaranteed arrest bond certificates issued in that year by an automobile club or association by filing with the Commission an undertaking to become surety. The insurer shall file the undertaking on or before the date it is to become effective.
B. The undertaking shall be in a form prescribed by the Commission and shall state the following:
1. The name and address of the automobile club or automobile association issuing the guaranteed arrest bond certificates for which the fidelity and surety insurer undertakes to be surety.
2. The unqualified obligation of the fidelity and surety insurer to pay the fine or forfeiture of any person who, after posting a guaranteed arrest bond certificate for which the fidelity and surety insurer has undertaken to be surety, fails to make the appearance guaranteed by the arrest bond certificate.
C. The term "guaranteed arrest bond certificate" as used in this chapter means any printed card or other certificate (i) issued by an automobile club or association to any of its members, (ii) signed by the member and (iii) containing a printed statement that the automobile club or association and a fidelity and surety insurer guarantee the appearance of the person whose signature appears on the card or certificate and that they will pay any fine or forfeiture imposed on that person in the event that the person fails to appear in court at the time of trial.
(1952, c. 186; 1952, c. 317, § 38.1-644.1; 1982, c. 63; 1986, c. 562; 1987, c. 519.)
Sections: Previous 38.2-2400 38.2-2401 38.2-2402 38.2-2403 38.2-2404 38.2-2405 38.2-2406 38.2-2407 38.2-2408 38.2-2409 38.2-2410 38.2-2411 38.2-2412 38.2-2412.1 38.2-2412.2 NextLast modified: April 3, 2009