This is how bail bonds work. Here’s everything you need to know when hiring a bail bondsman
A bail bondsman can post a surety bond with the court.
Bail is a type of insurance that the courts allow to take the place of actual cash. The definition of GUARANTEE is: a person who assumes responsibility for the fulfillment of a commitment by another, for example, his appearance in court or the payment of a debt.
- Collateral can be posted in states that accept surety bonds.
Bondsmen will need to speak with a loved one of the defendant, who will be the “co-signer” of the defendant. This person will be in contact with the bail bondsmen.
The co-signer will be required to pay the bonding company a percentage of the face amount of the bond (usually 10%). This percentage is set by the state. The co-signer will also need to sign a contract/promissory note promising to pay the full amount if the defendant does not appear on the court date(s).
On larger bond amounts (usually $5,000 and up) collateral is required. Collateral can be in the form of: cash, car title, home deed, 401k, or any other type of valuable asset. The guarantee is retained by the surety company and a meager can be presented in the mortgages.
I usually explain to families that they are essentially taking out an insurance plan with their guarantors. The same way you would on a car or a house, but this insurance is for court appearances. The 10% premium is set by the state and is usually the same for all companies. For a bail bond company to charge less than the amount set by the state is technically not legal, the term is called a “refund” and if an agent is caught reimbursing you, you could lose your insurance license. But this does not prevent desperate companies from continuing to undercut.
Once the bond is posted and the defendant is released, you will need to complete the same paperwork that the co-signer did. The bondsmen will also discuss the conditions of the bond. The court will set their conditions and so will the bail bond company, make sure the defendant is aware. Not being aware is no excuse, the court will continue to wait for the defendant to comply with the conditions.
A bondsman has the right to cancel a bond if his conditions are not met, such as: calling the company to check once a week. Failure to register may result in your bail being canceled and the defendant being sent back to jail.
