A Few Facts and Figures

Being in this business almost a decade I have heard alot of comments about Bail Agents "making tons of money". I find it funny that despite operating what I believe to be a successful agency for a number of years I am nowhere near "retiring on the Riviera". So I decided to put a few facts and figures out there.

1. When charging 10% as a bond premium a Bail Agency if only profitable if it has a less than 5% forfeiture rate, meaning if more than 1 in 20 defendants fail to appear that Bail Agency isn't making money. The number goes up to 2.5% or 1 in 40 if the Bail Agency charges 5%. So, is that 5 or less percent "cut rate" bond worth not having a Bail Agent down the road if you again find yourself in need?

2. It is against the Code of Virginia for a Bail Agent to solicit business on government property. This includes jails, courthouses, magistrates offices etc. So if a Bail Agent is chasing you out of the courtroom handing you a card they are breaking the law. Is this someone you want to trust your loved ones freedom to?

3. It is also against the Code of Virginia for government officials to refer a Bail Agent. So that jailer or Sheriff's Deputy that gave you the number of the Bail Agency is doing so against the law and most likely their employment agreement. Would you trust your loved one's freedom to a Bail Agent or gov't official who is involved in kickbacks?

When choosing a Bail Agency you should go with one you feel comfortable with and that you can trust with your loved one's freedom during this trying time for your family. That's why I say not all Bail Agencies are the same!

The Fat Lady Has Sung-2011 Legislative Wrap Up, Part 2

Today the Virginia General Assembly adjourned with a last minute cram session over budget issues. With that here is part 2 of my Legislative wrap up for the 2011 session. A win for both the bail industry and consumers alike is the passing of HB 2437 which dictates that a Bail Agent cannot charge less than 10% and no more than 15% of the full bond amount as the premium for underwriting and executing the bond. In addition to this rate range the legislation also states that a Bail Agent cannot charge interest for the financing of a Bail Bond premium. This protects consumers who are in need of financing options for a Bail Bond from being charges exhorborant (or any) rate on top of the set premium. A second bill introduced by the Bail industry that will become law address who benefits from revenue recieved from forfeited bonds. Currently bail bond forfeiture funds goes into the state literary fund, as a result of this bill the money will be directed straight to the locality in which the initial offense occured. Simply put, the Bail industry will now directly benefit local government and all the programs that directly benefit their citizens.