Bill > SB0464

This bill amends Tennessee's laws regarding bail bonds and professional bondsmen, establishing more specific guidelines for premium fees and payment terms. The legislation requires professional bondsmen and insurance company agents to charge premium fees between 10% and 15% of a bond's face value, depending on whether the defendant is a Tennessee resident or not. For Tennessee residents, the premium is set at exactly 10% of the bond amount, while non-residents may be charged between 10% and 15%. The bill also clarifies installment payment rules, mandating that bondsmen can accept installment payments only if they collect at least 50% of the premium upfront, charge no additional interest, and ensure full payment within 12 months. Additionally, the bill requires bondsmen to provide clients with a detailed notice explaining fee structures, receipt requirements, collateral policies, and the conditions under which a bondsman can surrender a defendant. These changes aim to provide more transparency and standardization in the bail bond process, protecting both defendants and bondsmen by establishing clear financial and procedural expectations. The bill is set to take effect on July 1, 2025.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0464&ga=114