The Illinois Debt Consolidator Bond is required by the State of Illinois, Director of Financial Institutions, in the amount of $25,000. The bond has a mandatory expiration date of 12/31 each year. This bond is needed as a requirement for all those who wish to be in the debt management service business.
The (205 ILCS 665/) Debt Management Service Act defines “debt management service” as the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor’s creditors in payment or partial payment of the debtor’s obligations or soliciting financial contributions from creditors. The business of debt management is conducted in this State if the debt management business, its employees, or its agents are located in this State or if the debt management business solicits or contracts with debtors located in this State. All who wish to be in this business will need to be licensed.
What do I need to do be a debt consolidator in the state of Illinois?
The following will need to be submitted to the department in order to get a license to operate.
- Submit the completed application form.
- Pay the fees: $30 for the investigation fee and $100 for the license fee.
- Submit the personal information form.
- Submit a surety bond in the amount of $25,000. this bond must be issued by a surety company licensed to do business in the state of Illinois.
Where can I get an Illinois Debt Consolidator Bond?
Surety1 can help you get your bond quickly at competitive rates. Once you submit the online application form, you will get a call within the day from one of our licensed agents who will give a no-obligation quote for your bond premium. Once you pay the premium, you just need to sign the agreement and we will send you the bond via USPS Priority Mail. You can also choose overnight delivery for an additional cost.
Surety1 was established in 2003. Our headquarters are located in California, but we issue surety bonds for all 50 states. Our fast and friendly service, coupled with the lowest rates available in the market has allowed us to maintain an A+ rating from the Better Business Bureau.