Remittance agent’s bond cost
Illinois remittance agent surety bonds should be furnished in a sum equivalent to the amount of money accepted for remittance for the licensee in the highest 15-day period during the previous fiscal year. The amount should be rounded to the nearest $1,000 and should not be any less than $10,000.
The price remittance agents will pay for this bond is based on the applicant’s personal credit report.
Why this bond
Illinois law mandates that all remittance agents purchase and maintain a surety bond as a requirement when obtaining a license. This surety bond ensures that the bonded agent will be liable for any and all financial damages suffered by consumers as a result of the agent’s failure to comply with the rules and regulations stated in the Remittance Act. Specifically, this bond ensures that agents accept money from the public for remittance ethically and lawfully.
Remittance agent’s bond details
These 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. If the surety wishes to terminate this bond before the expiration date, a 30-day notice of cancellation must be given to the Office of the Secretary of State.
The bond form must be notarized and the applicant must know the county in which business will be conducted.
Become a remittance agent
All applicants must submit the following information to the Illinois Office of the Secretary of State to be licensed as a remittance agent:
- The previous year’s license number (if the applicant is renewing)
- The name and location of the business
- The applicant’s home address and phone number
- The total amount of cash, checks or money orders made payable to the remittance agent
- A list of employees
- And more
Apply for your surety bond
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