The Illinois Loan Brokers Bond is required by the Secretary of State, the State of Illinois in the amount of $25,000. The bond ensures that loan brokers follow the Illinois Loan Broker Act of 1995 (P.A. 89-209).
Under the Illinois Loan Brokers Act of 1995, a loan broker is, any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third-party, or who promises to consider whether or not to make a loan to any person.
It is unlawful to be in this profession unless registered with the Secretary of State.
You will need to file an application form (Illinois Form IL LB15-10) with the Secretary of State. Aside from that, please comply with the following requirements in order to legally operate as a loan broker in Illinois.
To begin the process, just complete our easy to use, online application form. After submitting, wait for a call from one of our licensed agents. Once you sign all the necessary paperwork and pay the bond premium, you may choose to have your surety bond delivered via USPS Priority Mail or overnight delivery.
Surety Solutions Insurance Services, Inc. (Surety1) has been issuing Illinois surety bonds since 2003 and is licensed in all 50 states. In addition to our state of the art, online application, we offer super fast service and low rates. Real people answer our phones and we maintain an A+ rating from the Better Business Bureau.