How to Start a Bail Bonding Company in Tennessee
- 1). Tennessee allows for incarcerated individuals to use the services of a bail bondsman. Some states do not. The first step in opening a bail bonding company is to check the market in your area. Research the existing bail bond companies by googling "(your town here) Tennessee bail bondsman" and/or calling your local jail and inquiring. How many bail bonding companies are there locally? How long have they been in business? How many bondsman do they employ? Prepare a business model that encompasses all these answers.
- 2). The next important step is to make sure that you meet all the prerequisites to become a bail bondman in Tennessee. You must be 18, have no felony charges on your record and carry a number of licenses and bonds. There will also be specific region requirements on fingerprint and picture responsibilities.
- 3). Begin by filling out an application with the State Department of Commerce and Insurance. You will also find their specific requirements for classroom instruction and certification requirements. Make your decisions on whether to be a bail bonding company with property bondsman or surety bondsman or both.
- 4). Be certain that you have an attorney go over all the licenses and contract requirements with insurance agents and bond companies. Have your build-up-fund from the surety company deposited in a federally insured financial institution. Be aware of all your responsibilities for obtaining and keeping your license up to date including your responsibilities to any employees you may hire.
- 5). Scout out locations for your Tennessee bail bonding business. It is beneficial to be near the jail and/or court house. You will be spending a lot of time there. Begin to hire employees by first checking their license and requirements. Conduct background checks and call references before hiring on anyone.
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