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.