Illinois Collection Agency Bond

The Illinois Collection Agency Bond is a type of surety bond and is required to obtain a collection agency license in the state of Illinois. The bond is a requirement of the Department of Financial and Professional Regulation in the amount of $25,000. While a collection agency license is required for debt buying in the state, a bond is not required if no collection activities are performed by the licensee. Per the statute;

“Collection agency” means any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engages in the collection of a debt.

Surety Bond

• Required by: Illinois Department of  Financial Regulation
• Bond Amount: $25,000
• Maximum Bond Amount: Varies
• Valid: Continuous – Renewable

This bond guarantees that the principle will abide by all Illinois state laws and regulations stated in the Illinois Collection Agency Act (225 ILCS 425/8). Since this bond is continuous it is in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified of the cancellation at least 60 days before the cancellation date.

How to Obtain a Illinois Collection Agency Bond

At Surety1.com, we make it easy to obtain this surety bond. Our simple 3 step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Illinois Collection Agency Bond will be shipped to the bond principal (License Applicant) the bond is then submitted to the Illinois Department of  Financial Regulation.
^{(1)The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

Illinois Collection Agency Licensing Requirements

Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.

State licensing fees and requirements:

• Surety Bond
• License application
• Supporting documents for application (listed on official page)
• FEIN or SSN
• $750 license application fee
• Employee identity listing
• Personal & employment history

All licensing fees are required by the obligee, not the surety company.

For a list of states that require collection agency bonds, visit our collection agency guide page.

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