Illinois Collection Agency Bond Overview
- Purpose: To protect people from harm if a collection agency breaks licensing regulations
- Who Needs It: All collection agency owners working in Illinois
- Regulating Body: The Illinois Department of Financial and Professional Regulation
- Bond Amount: $25,000
- Premium Price: $250
What Is an Illinois Collection Agency Bond?
An Illinois collection agency bond, or debt collector bond, is a license requirement for debt collection agencies under the Department of Financial and Professional Regulation (DFPR).
This type of surety bond creates a financial guarantee to protect the state, clients and the public if debt collectors are fraudulent or break laws.
How Much Do Collection Agency Bonds Cost in Illinois?
The $25,000 Illinois debt collection agency bond costs a flat rate of $250 for a one year term. There is no application or credit check requirement. Simply checkout online now and get your bond via email in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Illinois Collection Agency Bond Work?
These surety bonds are legally-binding contracts involving three parties: the debt collection agency owner, a surety company and the Illinois DFPR.
| Bond Party | Description |
|---|---|
| 1) Principal | The debt collector filing the bond |
| 2) Obligee | The Illinois Department of Financial and Professional Regulation |
| 3) Surety | The issuing surety provider |
By signing the bond contract, you promise to uphold all provisions of the Illinois Collection Agency Act. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full bond amount, which you must reimburse.
How Do I Get a Collection Agency Bond in Illinois?
To get your Illinois debt collection agency bond, follow these steps:
- Enter your information in the form on this page
- Select your shipping method (1–3 business days)
- Complete the secure online checkout
- File the bond with the Illinois DFPR
Be sure to sign and file the bond form with the DFPR to become officially bonded.
How Fast Can I Get My Bond?
We provide three-day, two-day or overnight trackable shipping options. Based on your selected method, you’ll receive the bond within one to three business days.
Since there is no application requirement, you can purchase your bond online 24/7.
Can I Get Bonded With Bad Credit?
Yes, there is no minimum credit requirement to qualify for an Illinois collection agency surety bond.
How Do I Renew My Collection Agency Bond?
You’ll need to renew your bond annually by completing these steps:
- Pay the renewal premium
- File the continuation certificate with the DFPR
When you work with us, we’ll provide email and text renewal reminders.
How Can I Update My Bond Information?
If minor information on your bond needs to be updated, such as the business name, contact your surety provider. Email [email protected] with the change request and we will issue you a bond rider amendment document if possible.
