Click Here To Apply For Your Illinois Debt Consolidator Bond

The Illinois Debt Consolidator Bond is type of surety bond 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.

A debt management service (DMS) in Illinois is a non-profit or for-profit organization that helps consumers to create and implement a debt repayment plan. DMSs typically work with consumers to consolidate their debts into a single monthly payment, often at a lower interest rate. This can make it easier for consumers to manage their debts and get out of debt faster.

DMSs also provide consumers with financial counseling and education. This can help consumers to understand their debt situation, develop a budget, and make changes to their spending habits. DMSs can also help consumers to negotiate with creditors and improve their credit scores.

How to get an Illinois Debt Consolidator BondIllinois Debt Consolidator Bond

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

  1. Complete the easy to navigate and secure online application1
  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 Debt Consolidator Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license. is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, is the premier online provider of surety bonds nationwide since 2003.

How to become a debt management service (DMS) in Illinois

To become a debt management service (DMS) in Illinois, you must obtain a license from the Illinois Department of Financial and Professional Regulation (IDFPR). To apply for a license, you must submit the following:

  • A completed application form
  • A business plan
  • A certificate of authority from the Illinois Secretary of State
  • A $30 application fee and a $100 license fee
  • A $25,000 Illinois Debt Consolidator Bond

The IDFPR will review your application and determine whether you meet all of the requirements to be licensed as a DMS. If your application is approved, you will be issued a license that is valid for one year.

In addition to obtaining a license from the IDFPR, you must also comply with the Illinois Debt Management Service Act. This law sets forth a number of requirements for DMSs, including:

  • DMSs must be operated by qualified individuals who have passed a written examination.
  • DMSs must provide consumers with clear and concise information about their services and fees.
  • DMSs must develop and implement debt repayment plans that are tailored to the individual needs of each consumer.
  • DMSs must keep accurate records of all consumer transactions.
  • DMSs must have a plan in place to resolve any disputes with consumers.

If you are interested in becoming a DMS in Illinois, you can find more information on the IDFPR website.

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How to Get Your Illinois Debt Consolidator Bond

  1. Complete an online application. It’s free and no-obligation.
  2. One of our surety experts will contact you with a firm quote and an agreement to sign.
  3. Provide payment and your signed agreement, and then you will receive your Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

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Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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