Applicants whose main office location will be engaging in Consumer Installment Loan Act activity should apply for the Consumer Installment Loan License and must provide a Illinois Consumer Installment Loan Bond to obtain the license. This license is necessary for any
“person, partnership, association, limited liability company, or corporation [that wishes to] engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9%”
Applicants whose main office location will NOT be engaging in Consumer Installment Loan Act activity should apply for the Consumer Installment Loan Registration. Both the registration and the license require an applicant to provide a Illinois Consumer Installment Loan Bond. This is a type of surety bond and is required by the Illinois Department of Financial & Professional Regulation. The license and registration application is processed by the Nationwide Mortgage Licensing System (NMLS) and the required surety bond will be filed electronically with the NMLS.
The consumer loan license allows for the following activities:
- Consumer loan lending
- Purchase of retail installment contracts
- Purchase of motor vehicle retail installment contracts
- Title-secured lending
A surety bond in the amount of $25,000 must be filed for each licensed location within the state. An application check list for the Consumer Installment Loan Loan License can be found here. The checklist for the registration application can be found here.
How to obtain a Illinois Consumer Installment Loan Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, 3 step process is:
- Complete our secure online application. 1
- Review the free, no obligation quote from one of Surety1’s surety bond professional agents
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Illinois Consumer Installment Loan Bond will be filed electronically by Surety1.com with the NMLS.
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. We also maintain an A+ rating from the Better Business Bureau.