Published November 14, 2013 | By Gmadrid
The bail bond business in New Mexico is closely regulated by the Superintendent of Insurance of New Mexico. Bail is considered a form of insurance so it falls under the Office of the Superintendent of Insurance located in Santa Fe, NM. The following are some of the important rules bail bond companies must follow:
1. A bondsman cannot charge more than a 10 % premium for the bail bond. The 10 % fee is a one time non refundable fee which is earned once the defendant is release from custody.
2. A bail bond company may require collateral such as real property or cash to secure the bond. If collateral is taken, it must be returned to the owner with 10 days of conclusion of the criminal case.
3. The bail bond company must give a detailed receipt for any money paid or any collateral taken in.
If a consumer cannot resolve a complaint or dispute with a bail bondsman, the consumer may contact the Office of the Superintendent at 1-855-427-5674 or www.osi.state.nm.us