Consumer installment loan bond cost
The Illinois Consumer Installment Loan Act mandates that all companies licensed under the act post a surety bond in the amount of $25,000 per business location.
These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. With a strong financial background, you could pay just $250 for your bond!
Why this bond
By posting a surety bond, principals (loan installment professionals) agree to abide by every provision of the Illinois Consumer Installment Loan Act and all rules, regulations and directions lawfully made by the Director of the Division of Financial Institutions.
Consumer installment loan bond details
Illinois consumer installment loan act bonds expire annually on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
Become a consumer installment loan act professional
To become a licensed consumer installment loan act professional in Illinois, an applicant must submit the following materials:
- A completed application form
- A copy of all organization documents required to be filed with the Illinois Secretary of State and a copy of the filing of assumed business name with the appropriate County Clerk’s office (if a sole proprietorship)
- Supplemental application provided in the application packet and the credit reports of applicable partners, officers and individuals
- Most recent year-end and quarter-end financial statements, or opening statements for new corporations
- A $25,000 surety bond in favor of the Director of the Illinois Division of Financial Institutions
- And more
Apply for your surety bond
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