The premium fee for your bond should not be less than ten percent (10%) of the face amount of your bond. For example, if your bond is $2,500, the premium on the bond should be $250 plus a $12.00 State Tax. In addition to this amount, the law also permits a one-time $25 initiation fee. State Law requires that (5%) must be collected at the time the Bond is signed. (T.C.A. § 40-11-316).
State Law permits unpaid premiums to be paid in (12) equal installments; provided that no interest or other fees, with the exception of transaction fees paid to third parties as cost for processing payments are charged.
Tenn. Code Ann. § 40-11-316 permits a professional bondsman to charge a defendant who is not a resident of the State of Tennessee up fifteen percent (15%) of the face amount of the bond.
The law, (T.C.A. § 40-11-304), requires a bail bondsman to keep a duplicate receipt. The receipt must show the name of the person paying money or pledging property, the name of the person for whom it was paid, the account or purpose for which it is received, and the suit, action or matter in which the money is paid.
If a bondsman insists on collateral in addition to the ten percent (10%) premium fee, you may wish to talk to another bondsman. However, a bondsman may accept collateral, and if the bondsman accepts collateral, the bondsman must give you a written receipt for the collateral, and the receipt shall give in detail a full description of the collateral received, and the terms of redemption as required by T.C.A. § 40-11-126(8).
A BONDSMAN MAY NOT LOCK YOU BACK UP OR SURRENDER YOU ARBITRARILY OR WITHOUT GOOD CAUSE. GOOD CAUSE MAY INCLUDE YOUR FAILURE TO PERFORM YOUR OBLIGATIONS UNDER THE CONTRACT YOU HAVE WITH YOUR BONDSMAN (T.C.A. § 40-11- 126(7) & § 40-11-132).
I have received a copy of the above notice and I have read and understood it.
