The Illinois Payday Loan Reform Act Licensee Bond is required by the State of Illinois, Department of Financial & Professional Regulation and has a mandatory expiration date of 12/31 each year. it is a type of surety bondand it ensures that you will faithfully confirm to and abide by each and every provision of the Payday Loan Reform Act and will pay to the State and to any person or persons from said obligors. The license application is processed through the Nationwide Mortgage Licensing System (NMLS).
This surety bond is required for all Lenders, which are defined by the Payday Loan Reform Act as any person or entity, including any affiliate or subsidiary of a lender or licensee, that offers or makes a payday loan, buys a whole or partial interest in a payday loan, arranges a payday loan for a third party, or acts as an agent for a third party in making a payday loan.
How can I be a Payday Lender in Illinois?
All the following requirements on the list must be mailed to the Illinois Department of Financial and Professional Regulation, Division of Financial Institutions, Consumer Credit Section.
A copy of all organization documents required to be filed with the Illinois Secretary of State and a copy of the filing of the assumed business name with the appropriate County Clerk’s office if a sole proprietorship.
“Supplemental Application” as provided in the application packet and credit report of:
the proprietor, if the applicant is an individual
every partner, if the applicant is a partnership
the President, Secretary, Executive and Senior Vice Presidents, Directors and individuals owning more than 25% of the corporate stock, if the applicant is a corporation; and
the manager, if the applicant is a limited liability company
Most recent year-end and quarter-end financial statements, or opening statements for new corporations, completed according to Generally Accepted Accounting Principals and certified by original signature of the applicant, President, or manager of a limited liability, or partner thereof.
The balance sheet must contain only business-related items and demonstrate a net equity (total assets minus total liabilities) of $30,000.
A request for authorization of any other business to be conducted at the licensed location
Appointment of Attorney-in-Fact for Service of Process
Photographs of both the inside and outside of the proposed location
Business Plan detailing the nature, amount, and term of loans to be made and types of security that will be taken
A list of all states in which the applicant is licensed to issue Payday Loans. If the said license has been withdrawn, refused, canceled, or suspended in any other state, please state the specifics surrounding this event
Information Form as provided in the application packet
A check in the amount of $1000 forwarded to the Illinois Department of Financial and Professional Regulation to serve as a license fee. Fees are not refundable.
Original $50,000 Illinois Payday Loan Reform Act Licensee Bond in favor of the Director of the Division of Financial Institutions.
Where can I get an Illinois Payday Loan Reform Act Licensee Bond?
For all your surety bond needs, Surety1.com a fast and reliable service. Our simple 3 step process is:
Once these steps have been completed, the surety bond will be shipped to the bond principal (license applicant) for an original signature. Once signed, the Illinois Payday Loan Reform Act Licensee Bond must be uploaded to the NMLS.
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.
How to Get Your Illinois Payday Loan Reform Act Licensee 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 Illinois Payday Loan Reform Act Licensee Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days