83-39-25 - Maximum premium, commission or fee; processing fee; holding collateral to insure payment of premium or indemnify for losses. - Mississippi Statutes

§ 83-39-25. Maximum premium, commission or fee; processing fee; holding collateral to insure payment of premium or indemnify for losses.
 

(1)  A professional bail agent or his agent shall charge and collect for his premium, commission, or fee an amount of ten percent (10%) of the amount of bail per bond posted by him, or One Hundred Dollars ($100.00), whichever is greater, except on a bond on a defendant who is charged with a capital offense, or on a defendant who resides outside the State of Mississippi, in which case the premium, commission or fee shall be fifteen percent (15%) of the amount of bail, per bond posted by him, or One Hundred Dollars ($100.00), whichever is greater. 

(2)  A professional bail agent or his agent shall also charge an additional Fifty Dollars ($50.00) processing fee on each bond issued by him. 

(3)  Nothing herein shall prohibit a professional bail agent or his agent from holding collateral or taking a security interest in collateral for the purpose of insuring the payment of the premium of the bond posted or indemnifying the professional bail agent for losses incurred due to a forfeiture of a bond or the costs of apprehension and surrender of the principal. 
 

Sources: Codes, 1942, § 8745-08; Laws,  1968, ch. 341, § 8; Laws,  1994, ch. 495, § 12; Laws, 1994, ch. 634, § 1; Laws, 2001, ch. 350, § 1; Laws, 2007, ch. 501, § 2; Laws, 2009, ch. 520, § 1, eff from and after July 1, 2009.