Any guaranteed arrest bond certificate with respect to which a surety company has become surety or a guaranteed arrest bond certificate issued by an insurance company authorized to transact both automobile liability insurance and surety business within this State, shall, when posted by the person whose signature appears thereon, be accepted in lieu of cash bail in an amount not exceeding two hundred dollars ($200) as a bail bond to guarantee the appearance of the person in any court or before any magistrate, alderman or justice of the peace in this State at such time as may be required by the court or magistrate, alderman or justice of the peace when the person is arrested or formally charged for violation of any motor vehicle or traffic law of this State or ordinance of any local authority pertaining thereto in this State, except for the offenses which are misdemeanors or felonies as defined in "The Vehicle Code". Any guaranteed arrest bond certificate posted as bail bond in any court in this State shall be subject to the forfeiture and enforcement provisions of law applicable to a bail bond.
40 P.S. § 838