Discount Bail Bonds May Break California Law
The California Department of Insurance sets the price of a bail bond in California at 10% of the entire bail amount. We frequently get the questions from prospective customers asking if we can give them a reduction on the price of a bond. There are a few exceptions to the normal California bail bond rate that legally 10%. For instance, indemnitor’s that satisfy specific restrictive standards may be eligible for an 8% rate. Due to the legal demands the greatest method to make bond affordable would be to offer payment alternatives.
We finance bail bond payment structures that are affordable at 0 percent interest.
We recognize that you just want your loved one out of custody for the lowest price. The problem is that our bail licenses are in jeopardy of being taken away if we break the law by offering a non legal rate. We are not interested in breaking the law or losing our license.
Qualifying for 8% bail rate
An 8% rate is reserved for fully collateralized bonds or people who have retained a private attorney. Both of these circumstances reduce the risk of the person on bond fleeing from their required duties with the court. Collateral can be anything of value that equals the entire value of the bail amount. For example, let’s say that the defendant is being charged with felony domestic violence. In Los Angeles County, the standard bail amount is $50,000. To qualify for the 8% rate without an attorney, the indemnitor or the cosigner must have something of economic value in the amount of $50,000. In most cases, a property or a collection of properties with at least a combined equity $50,000 to collateralize the bond. Our bail agency has a notarized trust dead completed and filed with the county. This secures the collateral and once the case is over and the bond is exonerated, the lien will be removed and the collateral will be released. This satisfies the collateral requirements and qualifies the defendant for an 8% rate on their bond.
Any company charging less than 8% for the price of a bond is operating illegally. Agencies can take less than 8% down payment and then setup monthly payments at an amount of their discretion. There is no law pertaining to how much monthly payments are as long as they are at 0% interest. Bail companies cannot charge interest on a payment plan.
We’re happy to work with you to fulfill your particular situation and we are very flexible and creative.
Everyday we help people who don’t have the total sum of the fee. We’ll work with you to finish your bond the same day, often within an hour.
If you have any questions regarding the fees or collateral needed to get a bond approved, call us anytime. We have licensed bail agents available 24 hours to answer any questions you have with no obligation to purchase a bond and all free of charge.