Final answer:
A bondsman is required to provide a receipt for collateral, which serves as proof of the transaction and details the terms under which the collateral was accepted, to protect both parties' rights.
Step-by-step explanation:
Yes, a bondsman is typically required to provide a receipt for collateral received on a bond. When a person is arrested and a bond is set, they may not have sufficient cash to pay the full amount of the bond to secure their release. In such cases, a bondsman can provide the necessary funds in exchange for a fee and often requires collateral as a security guarantee. This collateral can be in various forms such as property, valuables, or money.
As part of standard business practices and to maintain clear records, a bondsman should issue a receipt for the collateral received. This receipt serves as proof of the transaction and details the terms under which the collateral was accepted. It's important for both the bondsman and the client to keep this documentation, as it protects the rights of the client and helps in settling any disputes that may arise concerning the collateral.
If a client does not receive a receipt, they should request one. It's also advisable to keep any additional documentation or communication regarding the transaction for future reference.