The Educational, Licensure, and Operational Requirements of Establishing a Bail Company
Gone are the days when occupational titles were simple and generic. Before the industrial revolution, a person is simply called a butcher, milkmaid, seamstress, messenger, farmer, silversmith, or any other term that signify manual labor. Now, there are multitudes of specialties and subspecialties in countless industries and fields of expertise. This surplus gave birth to many complex titles and obscure positions.
In the legal field, there are different types of agents, lawyers, and solicitors. One particular agent involved in legal procedures is a bail bondsman. According to online statistics, approximately 15,000 bail bondsmen are employed in the United States. The industry of bail bonds is also lucrative with opportunities and profitability, as it has been reported that about $14 billion of bond turnover is made each year in the U.S.
Job Specifications and Requirements
Bail bondsmen are agents who provide funds for temporarily releasing a criminal offender prior to their court trial. They close deals by preparing a binding contract that requires a co-signer or assurance of property collateral. This process allows bail bondsmen to ensure that every financial transaction is secure.
If you wish to become a full-pledged bondsman, you must first be of legal age with at least a high school diploma or equivalent document. You must also be financially viable to obtain surety bonds and have the resources to provide the necessary funds.
Before you’ll be allowed to practice, you must complete a prerequisite program. Then, you have to pass the national licensure exam for bail bond agents. This test is comprised of 60 multiple-choice and 10 survey questions with a required passing score of 70%.
After acquiring a license, you can submit an application, which involves other processes like fingerprinting and authorization of checks. These allow you to be eligible for obtaining a surety bond.
Bail Agencies
To start a bail agency, you first need to establish an office by renting out or buying a commercial space. A good strategy for choosing a location is selecting an area near courthouses. It’s also best to operate 24/7 because your prospective customers may need your services at any time of the day.
In addition, many experts assert that creating an online platform — whether through a website or social media — is proven to be efficient in enhancing profitability and improving the quality of operations. For instance, many companies that offer 24/7 bail bonds provision in Utah make use of online platforms to present virtual forms to the public. This will make it easier and more convenient for customers to fill out forms and submit bail applications. The agency will also be able to receive and respond to requests a lot quicker and in a more systematic manner.
It’s also advisable to have a database system developed. This will be used in keeping records of essential information, such as the names of the defendants, specification of property collaterals, names of co-signers, and other vital details.
The legal field is generally complicated. Anyone who wishes to enter this line of business must be dedicated to making themselves fully aware of educational, licensure, and operational requirements.
