How to Become a Bail Bondsman
A bail bondsman is an organization or an individual that pays off bail for a defendant so that he or she can be released from detention pending hearing of his case. In some cases the bail bondsman or the bail bonds company has to pledge assets and step in as guarantors in high risk and high profile cases. The bail bondsman or his company may be mandated by the jurisdiction in which they operate to keep the defendant from escaping or preparing him for arraignment to the court. Bail bondsman makes money by charging 10 percent of the bail amount as fee. In addition, when the court refunds a portion of the bail, the bail bondsman will retain part of this amount as profit. Sounds doable? Then these are the steps to become a bail bondsman.
- The first step is to determine the laws of the jurisdiction in which you reside. There could be legal restrictions which you are unable to meet or financial restrictions. It is also crucial that you gather information on this market. Are there too many companies already offering the best bail bonds? And funny enough are there enough or too few arrests to warrant you profits?
- The second step after ascertaining if this industry is a feasible investment is to get ready with registration requirements. You will need capital, property details, filing equipment for fingerprints, picture requirements and business premises.
- Contact the licensing institution in your state for a license. This institution is usually the institution that regulates insurance, the Department of insurance in the United States. There are colossal sums of money that could be involved in the bailing business and unless you register a company to handle the transactions, you could run into losses with any transactional mishaps.
- There may be examinations which have to be taken from the insurance department to ascertain that you are knowledgeable enough on the varieties of issues that affect the insurance and bail bonds business. If you have insurance and business training prior you might be exempted. In addition, various jurisdictions have different statutes and technicalities which you have to understand.
- As a bail bondsman you will need an insurance surety so that in case of a sour deal your business does not corrupt. In fact, remember you are dealing with people with a history of breaking the law. Your family should also be insured and make sure the policy is reviewed by an attorney so that future claims from the insurance company do not bounce.
- Your build up fund or BUF should be placed in a secure FDIC account. The money is security that if a bail bondsman commits foul play it can be used to settle his liabilities. This ensures strict legal dealings only in the bail business. In order to gain an age over the other existing bail bonds business, you could promote fast bail bonds that are processed over the phone or e-mail for quick release of the defendants.To read more about bail bonds payment plans visit this website.
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