Bail bond industry battling slump in business

By: The Associated Press
By: The Associated Press

Dozens of Indiana bail agents are closing up shop as part of a national trend that has seen many hurting for business.

About a third of Indiana's 383 licensed bail agents have until Oct. 31 to renew their licenses. The Indiana Department of Insurance says 40 already have sent notice they won't be renewing.

Agents blame the economy and new Marion County bond policies for those charged with minor offenses.

They say more clients are asking for bail without collateral, and a the new Marion County policy sets lower cash bonds for minor offenses and lets the bonds be paid directly to the court, with no collateral necessary.

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