Responsibilities Of A Bail Bond Cosigner
Any kind of promissory agreement that has finances or assets tied to it can be quite risky, especially if you do not know the exact risks that you are taking. One of the things that you must know is the responsibilities of a bail bond cosigner if you are planning to do that. It is advisable to find out all that you can so that you can make the decision while having all the facts at hand.
So what exactly does it mean to cosign a bail bond?
This means that you are signing an agreement promising to pay the full amount to the bondsman so that the accused can be released from jail, prior to their scheduled date in court. This agreement can have the promise of the amount in cash or an asset such as a house or car as collateral. If you sign such an agreement, you give the bondsman the right to demand the money from you or collect the collateral should the accused not appear in court.
Although it looks like all the risks involved are on the cosigner, they too are granted certain privileges. In case they feel that the accused may not appear in court, they can communicate their will to revoke the agreement to the bondsman, who will then pick up the accused and take them back to jail. The cosigner also has the authority to mandate that the accused take actions that are needed for rehabilitation. These could be such as going to a drug center rehab or having a mental exam taken by a certified professional. Should the accused refuse to take the action, the agreement is void and the cosigner can have them arrested and taken back to jail.
The court also grants the cosigner the authority to ensure that the accused appears in court on the day they are scheduled to do so. If they feel that the acts of the accused are a peril for them, they can also decide to withdraw and the accused will go back to jail.
It is important to note that the court does not allow just anybody to be a bail bond co-signer. They must have a stable job and a means of income. They must also have an asset that is to be used as collateral if they do not have the amount of bail money they have cosigned for. They must be a US citizen and have lived in that particular state for a period of time. There may be other additional rules that differ from state to state.
When cosigning for bail, the bondsman takes 10 percent of the amount that has been set as bail. This amount is paid in cash by the bail bond cosigner is not returned. The accused is only released once this amount is paid. If the accused shows up in court then the cosigner is safe. However, if the accused fails to show up, the bondsman will get the money or collect the collateral from the cosigner.