Quote:
Originally Posted by OneHungLo
Yeah but he only put up 10k so that was all he really lost.
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Not exactly. Bail Bond companies charge an upfront service fee of 10-15% of the bond amount. Likely the 10k is what originally Smollett paid the bondsmen.
The bondsmen essentially have a line of credit via a bond policy they maintain. Receiving their service fee from Smollett they execute paperwork with the court, assuring Smollett will appear in court. If Smollett doesn't appear, it causes the bondsmen to then pay the court the 100k.
The 100k bond is paid up directly by Smollett or through the bondsmen, which Smollett would need to immediately reimburse.