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3 Things You Need to Know Before Cosigning a Bail Bond
websitebuilder • Feb 04, 2022
If someone you care about has gone to jail, they probably do not want to stay there while awaiting trial. Your loved one will need to pay the required bail to be released. If your loved one cannot come up with the required funds, a bail bonds company may be willing to provide the funding in exchange for a small fee. However, bail bonds companies require a co-signer to guarantee the bail bond.
If you are considering co-signing, you need to know several things before you take on this responsibility.
1. What Does Co-Signing a Bond Mean?
A co-signer or an Indemnitor guarantees your loved one is present at all required court dates. If they do not appear, your signature obligates you to pay the total amount of the bond.
Your signature also guarantees that you will pay any penalties and fines. The bail bonds company may require you to provide tangible property as collateral, depending on the bond amount.
You will receive your collateral back if your loved one keeps their obligations. If your loved one absconds or defaults on their financial obligations, you would have to repay the entire bond or forfeit your collateral.
2. What Are Your Responsibilities?
As a co-signer, your responsibility is to pay the bond premium. This premium is the percentage the bail bonds company charges for posting the bond. In California, the premium usually is
10 percent of the total amount of the bond.
In addition to this, the bond company can also charge all actual, necessary, and reasonable expenses incurred. For example, if the bail bondsman posts a $50,000 bond, the required premium would be $5,000 plus other related expenses.
You are also responsible for ensuring your loved one gets to all of their court dates until the court resolves their case. Missing any scheduled hearings can result in a revoked bond and you being on the limb to pay it.
If your loved one does not show up for their court hearings, the court will issue an order for their arrest. The bond company then has a limited amount of time to produce the person before they are required to pay the court the bail amount they have guaranteed.
To find the absconder, the bail bonds company will sometimes solicit the services of a fugitive recovery agent or bounty hunter. If this happens, you may also incur additional fees.
3. Can You Relinquish Your Duties?
If you are worried that your loved one will not honor their commitments and stick you with the total cost of the bond, you may want to relinquish your duties as a co-signer. To do this, you will have to surrender the bond by turning your loved one back into custody. By bringing your loved one to law enforcement or magistrate's office, you can surrender your bond and be released from your obligations as a co-signer.
Unfortunately, this usually will not release you from your obligation to the bail bonds company for the premium they charged you. The premium would still be due because the bail bonds company honored their commitment and posted the bond. Although not guaranteed and governed by law, you may receive some of your premium back.
Most people are not familiar with co-signing bail bonds. Fortunately, consumer protection
laws in California require that bail bonds companies provide you with an easily understandable notice of your financial obligations.
Bail Busters Inc will explain all of the aspects of being a co-signer on a bond before you do so. Give us a call for a consultation so we can start the process of getting your loved one out of jail.
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