§47-702.

§47-702.
   
   (a) Any trucking association may issue guaranteed arrest bond
   certificates valid for one (1) year from January 1 of the year of
   issue as provided in this act in an amount not to exceed One Thousand
   Dollars ($1,000.00) on each undertaking, provided such certificates
   have been fully guaranteed by the trucking association or reinsured by
   an insurer then licensed by the Insurance Commissioner to transact
   surety business in this state and such guarantee or reinsurance by the
   insurer covers all certificates issued by the trucking association or
   other association during the term of the guarantee or reinsurance
   written by the insurer. Such insurer shall first file with the
   Insurance Commissioner an undertaking thus to become surety. The
   guarantee by the trucking association shall, at the discretion of the
   Insurance Commissioner, be secured by a deposit with the Insurance
   Commissioner of up to Fifty Thousand Dollars ($50,000.00), either cash
   or bond at the discretion of the Commissioner, to guarantee
   performance of said undertaking. Such guaranteed arrest bond
   certificates may be issued also in conjunction with automobile
   liability policies by any insurer authorized to then write automobile
   liability insurance within this state upon such insurer filing with
   the Insurance Commissioner an undertaking thus to become such surety.
   
   (b) Such undertaking shall be in the form prescribed by the
   Commissioner of Insurance and shall state the following:
   
   (1) The name and address of the trucking association, association or
   companies with respect to the guaranteed arrest bond certificates of
   which the surety company undertakes to be surety.
   
   (2) The unqualified obligation of the surety company to pay the fine
   or forfeiture in an amount not to exceed One Thousand Dollars
   ($1,000.00) of any person who, after posting a guaranteed arrest bond
   certificate with respect to which the surety company has undertaken to
   be surety, fails to make the appearance to guarantee which, the
   guaranteed arrest bond certificate was posted.
   
   (3) The term "guaranteed arrest bond certificate" as used herein means
   any printed card or other certificate issued by a trucking
   association, association or insurance company to any of its members or
   insured, which card or certificate is signed by the member or insured
   and contains a printed statement that such trucking association,
   association or insurance company and a surety company or an insurance
   company authorized to transact automobile liability insurance
   business, guarantee the appearance of the person whose signature
   appears on the card or certificate and that they will, in the event of
   failure of the person to appear in court at the time of trial, pay any
   fine or forfeiture imposed on the person in an amount not exceeding
   One Thousand Dollars ($1,000.00).
   
   (c) Any guaranteed arrest bond certificate with respect to which a
   surety company has become surety, or a guaranteed arrest bond
   certificate issued by an insurance company authorized to transact
   automobile liability insurance business within this state, as herein
   provided, shall, when posted by the person whose signature appears
   thereon, be accepted in lieu of cash bail or other bond in an amount
   not to exceed One Thousand Dollars ($1,000.00) as a bail bond, to
   guarantee the appearance of such person in any court in this state,
   including all municipal courts in this state, at such time as may be
   required by such court, when the person is arrested for violation of
   any motor vehicle law of this state or any motor vehicle ordinance of
   any municipality in this state, committed prior to the date of
   expiration on such guaranteed arrest bond certificates, except for the
   offense of driving under the influence of intoxicating liquors or of
   drugs or for any felony; provided, that any such guaranteed arrest
   bond certificates so posted as bail bond in any court in this state
   shall be subject to the forfeiture and enforcement provisions with
   respect to bail bonds in criminal cases as otherwise provided by law
   or as hereafter may be provided by law, and that any such guaranteed
   arrest bond certificate posted as a bail bond in any municipal court
   of this state shall be subject to the forfeiture and enforcement
   provisions, if any, of the charter or ordinance of the particular
   municipality pertaining to bail bonds posted.
   
   (d) The State Insurance Commissioner shall notify in writing the State
   Commissioner of Public Safety, each chief of municipal police
   department, each county sheriff of this state, the name of each
   surety, insurance company, trucking association, or association
   authorized to issue guaranteed arrest bond certificates, as provided
   in this act. The Insurance Commissioner shall also inform such
   officials of each additional organization which may thereafter become
   qualified to issue such certificates and in the event any such
   organization shall be disqualified from issuing such certificates, the
   Commissioner shall forthwith inform such officials of such
   disqualification, at least ten (10) days prior to such
   disqualification.