(1) If a prosecuting attorney does not file an information, indictment, or a request to extend time under Subsection (2), within 120 days after the day on which a county jail official released the individual on a financial condition under Section 77-20-203 or within 120 days after the day on which a temporary pretrial status order was issued for the individual:
(a) the individual shall be relieved from any condition of pretrial release;
(b) the court shall refund any monetary bail in accordance with Subsection 77-20-402(5); and
(c) if a bail bond was used to post monetary bail, the bail bond shall be exonerated without further order of the court.
(2) A request to extend time shall:
(a) be served on:
(i) the individual and the individual's attorney; and
(ii) if a bail bond was used to post monetary bail, the surety; and
(b) except as provided in Subsection (3), be granted for a period of up to 60 days.
(3) The magistrate may grant a request to extend time for a period of up to 120 days upon a showing of good cause.
(4) Nothing in this section prohibits the filing of charges against an individual at any time.