Senate Bill 464 amends the Tennessee Code Annotated regarding the premium fees associated with pretrial release bonds. The bill modifies the existing regulations by establishing that the premium fee for a bond must be no less than five percent (5%) and no more than ten percent (10%) of the bond's face value. For instance, if a bond is set at $2,500, the premium would range from $125 to $250. This change is reflected in the amendments to Section 40-11-151 and Section 40-11-316(a), which replace the previous stipulation that the premium should not exceed ten percent (10%) with the new range.

Additionally, the bill revises Section 40-11-316(c) to state that the premium can be no less than five percent (5%) and no more than fifteen percent (15%) of the bond's face value, replacing the previous cap of fifteen percent (15%) without a lower limit. These adjustments aim to provide clearer guidelines for bond premiums, ensuring that they are fairly structured for individuals seeking pretrial release. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 40-11-151, 40-11-316(a), 40-11-316, 40-11-316(c)