The Illinois Credit Services Organization Surety Bond is required by the Illinois Secretary of State Index Department. According to Illinois Compiled Statutes, 815 ILCS 605/3, a Credit Services Organization is a person who provides the following services in exchange for payment:
- Improving a buyer’s credit record, history, or rating
- Obtaining an extension of credit for a buyer
- Providing advice or assistance to a buyer with regard to either of the above items
The Illinois Credit Services Organization Surety Bond allows an Organization to receive payment from consumers prior to full completion of service. Furthermore, bond ensure the Organization’s compliance with the provisions of the Credit Services Organization Act and is in favor of any person damaged by any violation of said Act.
The required amount for the Illinois Credit Services Organization Surety Bond is $100,000.
The bond must be maintained for 2 years after the date that the credit services organization ceases business operations.
APPLY for your Illinois Credit Services Organization Bond today!
According to the Illinois Credit Services Organization Act, a credit services organization must file a registration statement with the Secretary of State in order to conduct business in the State of Illinois. The registration statement must contain:
- The name and address of the credit services organization
- The name and address of the registered agent authorized to accept service of process on behalf of the credit services organization
- The name and address of any person who controls 10% or more of stock in the credit services organization
- The name, numbers, and location of the surety company issuing the surety bond
The registration statement must also contain either:
- A full and complete disclosure of any litigation or unresolved complaint filed with a governmental authority or;
- A notarized statement that states that there has been no litigation or unresolved complaint
Where can I get an Illinois Credit Services Organization Surety Bond?
It does not take long to process a Illinois Credit Services Organization Surety Bond. We offer an easy to use online application that can be completed in a matter of minutes. After applying, within one business day you will be contacted by one of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bond will be mailed to you via USPS priority mail. Overnight delivery is also available.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Illinois since 2003.
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses