As we close out the year, it’s a great time for every bail bond agency to tidy up the books, tighten compliance, and start the new year on solid footing. Here are some recommended year-end practices to review in your office:
1. Reconcile All Executed Powers
- Make sure all executed powers have been reported and paid to your surety company or managing general agency (MGA).
- Confirm that your power log is complete, accurate, and matches what your surety/MGA has on record.
2. Report All Closed Cases & Exonerated Bonds
- Review your active bond list and identify all cases that have been closed, exonerated, or dismissed.
- Report those exonerations to your surety/MGA and update your files accordingly.
- Ensure you have court documentation in every file where a bond has been exonerated.
3. Pay All Outstanding Invoices
- Settle any unpaid invoices related to:
- Transfer bonds
- Forfeitures and judgments
- Recovery or skip-trace fees (if applicable)
- Confirm that your accounts payable are current going into the new year.
4. Review Collateral Files for Compliance
- Audit all files that involve collateral (cash, property, vehicles, etc.).
- Confirm collateral is:
- Properly documented
- Securely stored
- Returned promptly when the bond has been exonerated and all obligations are satisfied
- Make sure you have a clear paper trail for every collateral transaction.
5. Clean Up Your Open Bond List
- Verify that all open bonds are truly active and not lingering due to missed exoneration paperwork or unreported case status changes.
- Reach out to courts or attorneys where needed to clarify case status.
6. Update Your Records & Contact Information
- Confirm that your agency’s contact information, license numbers, and key personnel names are current with your surety/MGA and state regulators.
- Ensure your physical and email addresses on file are accurate.
Taking time now to complete this housekeeping not only helps you stay compliant, it protects your agency, your clients, and your reputation going into the new year.
