All remittance agents operating in Illinois need to purchase an Illinois Remittance Agent’s Bond. This bond is required by the Illinois Secretary of State, Vehicle Services Department, and the bond amount is $20,000. this is a a type of surety bond that serves as a financial guarantee to the public that the agent will remit all monies received from customers to the State of Illinois in accordance with the law. The bond also protects consumers from financial losses if the agent fails to remit the monies or embezzles the funds. The bond amount is $20,000
Here are some examples of remittance agents who need to purchase an Illinois Remittance Agent’s Bond:
- Money transfer businesses
- Check cashing businesses
- Currency exchange businesses
- Prepaid debit card businesses
- Bill payment services
Any person or entity that accepts money from customers for remittance to the State of Illinois, whether they are a business or an individual, is required to purchase a Remittance Agent’s Bond. The cost of the bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.
How to get an Illinois Remittance Agent’s Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Illinois Remittance Agent’s 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.
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 get a Remittance Agent License in Illinois, you must follow these steps:
- Complete and submit the Remittance Agent License Application. The application can be downloaded from the Illinois Secretary of State website.
- Pay the required application fee of $50.
- Provide proof of your financial responsibility. This can be done by purchasing an Illinois Remittance Agent’s Bond in the amount of $20,000.
- Submit a completed Affidavit for Remittance Agent License. The affidavit must be signed and notarized.
- Submit a completed Bond Affidavit for Remittance Agents. The bond affidavit must be signed and notarized by the surety company that issued your bond.
Once you have submitted all of the required information and paid the required fees, the Illinois Secretary of State will process your application and issue you a remittance agent license.
Here are some additional tips for getting a Remittance Agent License in Illinois:
- Make sure that you meet all of the eligibility requirements. You must be at least 18 years old and have a good moral character.
- Be prepared to provide all of the required documentation. This includes transcripts from any college or university courses you have taken, proof of your employment history, and references from previous employers.
- Be patient. The application process can take several weeks.
Once you have obtained your Remittance Agent License in Illinois, you will be authorized to accept money from customers for remittance to the State of Illinois. You must renew your license every year.
If you have any questions about the licensing process, you can contact the Illinois Secretary of State at 217-782-2942.