Driver’s education provider bond cost
Illinois driver training school bonds are required by the Secretary of State and vary in amount depending on what type of driving school the applicant owns/operates. This bond is subject to underwriting, which means that the price you’ll pay for your bond is contingent on both your required bond amount and a review of your personal credit report.
Why this bond
By posting an Illinois driver training school surety bond, the principal (driving school) agrees to comply with all of the rules and regulations of the Illinois Vehicle Code. This bond also ensures that driving schools won’t participate in any fraudulent activities that would cause its students to lose money or suffer other damages.
If the principal violates any of the terms of the bond agreement and consumers are harmed, the consumers will be compensated by the surety for any damages up to the full bond amount. The principal, in turn, is responsible for reimbursing the surety for all damages paid out.
Driver’s education provider bond details
Illinois driver training school bonds are required by the Office of the Secretary of State, Driver Services Department, and have a set expiration date. If the principal wants to continue to use this particular bond after its expiration date, he or she must obtain a renewal certificate signed by the surety.
The surety can terminate the bond at anytime by providing written notice to the Secretary of State 30 days prior to the proposed cancellation date. However, the surety remains liable for for any damages that occur during this 30-day period.
Become a driver training school
Along with the appropriate surety bond and the mandatory $500 application fee, applicants must attach the following to their driver training school application:
- All personal history schedule
- Motor vehicle fleet schedules
- Insurance certificates
- And more
Apply for your surety bond
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