Illinois Collection Agency Bond Overview
- Purpose: To ensure debt collectors and agencies follow state laws by holding them financially liable
- Who Needs It: Licensed collection agencies 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?
The Illinois Department of Financial and Professional Regulation (IDFPR) requires all licensed collection agencies to have a $25,000 surety bond. This bond holds debt collectors financially responsible and protects debtors from malpractice.
How Much Do Collection Agency Bonds Cost in Illinois?
You can get your $25,000 Illinois collection agency bond for a fixed rate of $250. No credit check or application is required. Get your bond today below!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Illinois Collection Agency Bond Work?
By purchasing a debt collection bond, you agree to a contract between the following parties.
| 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 |
If the debt collector or agency breaks applicable provisions of Illinois Law, harmed parties can file a claim on the bond. The surety will pay for valid claims after investigating the event. Unlike insurance, you — the principal — must reimburse the surety up to the $25,000 limit.
How Do I Get a Collection Agency Bond in Illinois?
You can get your Illinois collection agency bond within minutes! Just complete the following quick steps:
- Pay for your bond
- Receive your bond form in the mail
- File your bond with the obligee
How Fast Can I Get My Bond?
We can issue your bond within minutes. However, this bond requires physical delivery. You’ll select your shipping preference at checkout. We offer overnight, two-day and three-day shipping.
How Do I File My Bond?
Illinois collection agency bonds are delivered by mail after purchase. Then, you’ll file it with the obligee at the address below:
Illinois Department of Financial and Professional Regulation
320 West Washington Street
Springfield, IL 62786
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?
Illinois collection agency bonds expire annually. You must renew your bond to maintain your debt collector license.
You’ll receive renewal reminders via text and email starting 90 days prior to the expiration date. Follow the instructions in the reminder message to renew.
How Do I Update My Bond Information?
If you need to update simple information such as name or address, you can do so through a bond rider.
Email the necessary changes to [email protected] and a representative will assist in updating your bond form.
How to Get a Debt Collection Agency License in Illinois?
To get a debt collection agency license in Illinois, start by creating an IDFPR account. Then, submit the following materials:
- A completed application via IDFPR
- Certificate of Good Standing from the SoS
- Registration of Assumed Name with the SoS*
- Business Organization documents (i.e.; business plan, organizational chart)
- Personal Employment History for each owner
- Financial Statement form (FS-COL)
- Employee Identity Listing form (EL-COL)
- Trust Account Financial Report form (TR-COL)
- $25,000 surety bond
- $1,200 application fee payment
Refer to the official IDFPR license checklist for more information.
*Note: Only file this document with the Illinois Secretary of State if your business is not registered yet.
