Nowadays New York commercial bail bonds are now becoming more popular across the state. Using a bail bond means that the defendant or a person on behalf of the defendant will sign a contract with one of the New York bail bond companies available. After the contract signing the bail bond provider will then post bail on behalf of the defendant concerned. What is the implication of this This means that the provider will be liable for the full amount of bail if the defendant fails to appear. Will this make the defendant scot-free since a private provider already shouldered his or her bail Not really. Since the contract also specifies that if the defendant will not attend all court dates he or she will forfeit the collateral and will be charged additional fines by the company. Why is this so New York statutes say that a portion of the funds paid to a bail bond provider also known as the premium or fee can be retained by said provider regardless of the disposition of the case and even if the defendant completely attended all court hearings. Premiums are limited to 10% of the total bail amount if it is under 3 000. The case is different if the total bail amount is more than 3000 but below 10000. In such cases New York bail bond companies are allowed to charge an additional 8% for premiums. If the bail amount is more than 10000 the provider is allowed to charge 14% more. Besides charging a fee these companies are also allowed by law to demand the defendant or their families to post unlimited amounts of collateral to support the bond issuance. They are also allowed to demand restriction of personal liberty of defendants such as setting curfews or mandatory meetings with the private company. Any violation of the rules can be cited as ground to forfeit the collaterals posted. Indeed the role of a New York commercial bail bonds provider is important nowadays. If you are in need of one try reaching A Bail Company Inc. here.
Category: Financial Services
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