Illinois Loan Brokers Bond

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The Illinois Loan Brokers Bond is a type of surety bond required by the Secretary of State, the State of Illinois in the amount of $50,000. The bond ensures that loan brokers follow the Illinois Loan Broker Act of 1995 (P.A. 89-209). An Illinois loan broker is a licensed individual or business that helps borrowers find and qualify for loans from lenders. Loan brokers do not lend money themselves, but they work with lenders to find the best loan terms for their clients.

It is unlawful to be in this profession unless registered with the Secretary of State.

How to get an Illinois Loan Brokers Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three 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 Loan Brokers 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.} 

The cost of the bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.

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

To register as a loan broker in Illinois, you must:

1. Submit an application to the Illinois Department of Financial and Professional Regulation (IDFPR). The application can be found on the IDFPR website.
2. Pay the applicable application fee. The application fee is $100.
3. Provide proof that you have passed the Illinois Loan Originator Exam.
4. Provide proof that you have obtained a Illinois Loan Brokers Bond in the amount of $50,000.
5. Complete a pre-licensing education course.
6. Submit your fingerprints to the Illinois State Police.

Once you have submitted all of the required documentation, the IDFPR will review your application and issue you a loan originator license.

Here are some additional tips for registering as a loan broker in Illinois:

• Start early. The licensing process can take several weeks, so it is important to start early.
• Make sure that you have all of the required documentation. Any incomplete or inaccurate information on your application may delay the processing of your application.
• Pay the application fee promptly. The application fee is non-refundable.
• Complete the pre-licensing education course. The pre-licensing education course will teach you the laws and regulations that apply to loan brokers in Illinois.
• Submit your fingerprints promptly. The IDFPR will not be able to process your application without your fingerprints.

If you have any questions about the registration process, you should contact the IDFPR at 1-800-868-4654.

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