5 percent down? steve i think youre lucky!! we have more than a few here in Tn. now offering NO money down AND half off the bond.Got to love the cut throats!!
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| Author: | TwinPortsWatch [ Fri 26 Mar 2010 12:17 ] |
| Post subject: | Lets talk money ? |
In the past few days I have been studying up on "Bondsman." I have determined that the "average" percentage that a Bondsman takes for his/her up front cost is 10%. I also heard some Bondsman offered an 8% up front cost on the higher dollar amount bails. This led me to research what bail amounts were linked to what charges. I thouroughly researched the State of MN website for MN Courts and I was not able to find a "bail schedule". I also searched in the area counties around me and was not able to find a bail schedule there either. So here are my questions: 1. Am I correct about the the average 10% fees and occasional 8% fees? Also, are their times or situations when a bondsman would charge a higer percentage? 2. I understand that every county and state have different statutes and that bail can be set by a judge to what he thinks the totallity of the circumstances deems appropriate. However I am eager to know what are the common charges/bail amounts in the states or counties from everyone here on this forum? or if anyone knows of a Bail schedule for MN or United States. Thanks for your time and Responses, |
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| Author: | Mdbtyhtr [ Fri 26 Mar 2010 12:26 ] |
| Post subject: | Re: Lets talk money ? |
Nate, What you are allowed to charge is established by your state insurance commission, and the standard is 10%. Some state differentiate between felonies and misdemeanors, but your state insurance commission is the source for your answer. Bondsman will advertise what they have to to get the phone to ring, and it is often full of caveats like OAC (on approved credit) or low money down and payment arrangements. In MD, you cannot charge interest unless you are a licensed lending institution. This does not stop bondsmen from charging interest on the money that they choose to finance, but it is illegal. Scott |
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| Author: | TwinPortsWatch [ Fri 26 Mar 2010 13:22 ] |
| Post subject: | Re: Lets talk money ? |
Thanks Scott, I'm sure this info will prove helpful. While reading your reply I had another concern or just a flat out observation. In my expierence with The MN Dept Of Corrections and with the training I recieved going through the Law Enforcement Academy I had Statutes galore crammed down my throat. When I was looking at Minnesota Law on bail bonds and apprehension it as very vague as far as use of force goes. Any thoughts on this? |
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| Author: | Mdbtyhtr [ Fri 26 Mar 2010 14:44 ] |
| Post subject: | Re: Lets talk money ? |
yes, avoid it! Scott |
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| Author: | Jeffreyastewart [ Fri 26 Mar 2010 17:01 ] |
| Post subject: | Re: Lets talk money ? |
20% Here in Vermont, But i work for 8% on recovery, unless it's a small bond. |
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| Author: | AWOBB [ Fri 26 Mar 2010 19:02 ] |
| Post subject: | Re: Lets talk money ? |
10% in Ohio, no more and no less than 10%. But we have bondsmen that break the rules here and only charge 8% or charge 5% down with payments. It's a cut throat business in this state and other states. It just pisses me off that bondsmen like me and my six agents here follow the rules that Department of Insurance made into law and we take the beating at times. While other bondmen break the rules an get away with it and put a bad name on the good ones. I see in the near future pre-trial service will be in full force in this state. |
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| Author: | Jayc4929 [ Sat 27 Mar 2010 02:19 ] |
| Post subject: | Re: Lets talk money ? |
5 percent down? steve i think youre lucky!! we have more than a few here in Tn. now offering NO money down AND half off the bond.Got to love the cut throats!!
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| Author: | speezack [ Sat 27 Mar 2010 07:31 ] |
| Post subject: | Re: Lets talk money ? |
AWOBB wrote: 10% in Ohio, no more and no less than 10%. But we have bondsmen that break the rules here and only charge 8% or charge 5% down with payments. It's a cut throat business in this state and other states. It just pisses me off that bondsmen like me and my six agents here follow the rules that Department of Insurance made into law and we take the beating at times. While other bondmen break the rules an get away with it and put a bad name on the good ones. I see in the near future pre-trial service will be in full force in this state. Steve, you say it all here my man.... we face the same in Virginia... keep doing what is right Steve, that is all any of us can do... |
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| Author: | speezack [ Sat 27 Mar 2010 07:39 ] |
| Post subject: | Re: Lets talk money ? |
Jayc4929 wrote: 5 percent down? steve i think youre lucky!! we have more than a few here in Tn. now offering NO money down AND half off the bond.Got to love the cut throats!! Now this should really get your attention.......... I have it on good authority the following two items... 1. Northern VA has at least one company... un-named... that is getting people out with NO MONEY AND NO COSIGNERS... taking them to their families and asking for whatever premium is due... if the money is not forthcoming they lock the defendant back up......... go figure??? 2. The beach area of VA (I will not name the jurisdiction) has a jurisdiction that allows bondsmen to sit in a waiting area writing bonds as they come through booking!!!! and also they are writing the bonds for $50 period....... yes.... $50 unless the bond is larger than say $10k.... so how can you compete with that......... I know this is a fact because I walked into that jurisdiction to write a bond and faced down at least 5 or 6 bondsmen that did not have any business being there... they were sitting around laughing and ask me what I was doing... when I told them I was there to write a bond they laughed and said I might as well go home because I would normally be wasting my time............. they said......"we own this jail"... I said nothing, wrote the bond and left. According to DCJS law, it is unlawful to solicit in or around a jail or courtroom... so how do these bondsman get away with this??????????????????????????? I have called DCJS and nothing is ever done... it is a joke. |
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| Author: | tsuggs [ Sun 28 Mar 2010 14:57 ] |
| Post subject: | Re: Lets talk money ? |
Bill, Maybe once these bail agents have to start paying off some of those forfeitures on bonds they wrote for $50, then they will either stop the practice of writing these bonds or go out of business. |
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