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Requirements for a Surety Bail Bond in Detroit, Michigan

Requirements for a Surety Bail Bond in Detroit, Michigan

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You know you don’t want your friend to stay in jail, but you also know that you are both low on cash. Getting him out of jail is going to be a problem if the judge sets the bail at a high amount. Luckily, you could have the option for a surety bond, so you might not have to come up with so much cash on your own. But there are certain requirements for a surety bail bond in Detroit, Michigan. The process can be a little confusing, so here is some basic information.

What is a surety bond?

In business terms, a surety bond ensures contract completion in the event of contractor default, as defined by the U.S. Small Business Administration. A “project owner” seeks a “contractor” to fulfill a contract. The contractor obtains a surety bond from a surety company.

If a surety bond is allowed by the judge, a surety bond can be used for any amount of bail, and it is most often through a bail bondsman.

The bail agent is backed by an insurance company known as a surety company. The bail agent pledges to pay the full value of the bond if the accused doesn’t appear in court.

Requirements for a Surety Bail Bond in Detroit, Michigan

In other words, a surety bond is a three-way agreement between the bail agency (guarantee), the court (principal), and the indemnitor/co-signer (guarantor). The bail agency posts the surety bond and is financially responsible along with the co-signer to ensure that the defendant makes all court appearances.

Failure to appear in court can result in the forfeiture of the bond and payment by the agency to the court for the full bail amount. The indemnitor/co-signer would then be subject to lose any and all collateral issued to the agency.

Requirements for a surety bail bond in Detroit, Michigan

According to the state of Michigan’s Secretary of State website, notaries are required to obtain a $10,000 surety bond and file it at the office of the county clerk in the county where the notary will be appointed. A surety must be licensed to do business in Michigan.

If you use a bail bond agency for a surety bond, you will be charged 10 percent of the full bail amount (such as $10,000 for a $100,000 bail). In most instances, collateral can be collected to ensure that the accused makes all court appearances. The bail agency is responsible for the full amount of bail ($100,000) if the accused fails to appear in court. A nonrefundable fee may be applied.

Requirements for a Surety Bail Bond in Detroit, Michigan

Defendants who are allowed a “10 percent bond” may be able to obtain surety bonds for that amount. The court will allow a bail agent to post the 10 percent bond. However, in Michigan, bond agencies are required to post 10 percent bonds at 25 percent of the full bail amount. Bail agencies will charge a 10 percent fee of the bond amount (for example, a quarter of $100,000 is $25,000, and 10 percent of that is the $2,500 fee). The bail agency would be responsible for the $25,000 until the case is over.

Breaking down the numbers

Understanding the numbers and requirements for a surety bail bond in Detroit, Michigan, can be difficult. But we are here to help. Contact us anytime to have your questions answered or to start the bail bond process. We can be reached 24/7 through the Detroit Bail Bonds website or by phone at 313-244-0669.

Requirements for a Surety Bail Bond in Detroit, Michigan

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