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Illinois Collection Agency Bond

How much does a $25,000 collection agency bond cost in Illinois?

The Illinois Department of Financial and Professional Regulation mandates that all collection agencies post a surety bond, and the exact cost of this bond is determined by underwriters. Applicants who qualify can be quoted at a rate as low as $150!

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Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Collection Agency Bond $25,000 Starts at $150 $750-2,500 $2,500+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. One of our expert surety specialists will contact you right away to walk you through the quick and easy bonding process and provide you with a free surety bond quote.

Why do I need this bond?

The Illinois Collection Agency Act requires all collection agencies in the state to post a surety bond to complete the licensing process. A collection agency surety bond ensures that a collection agency adheres to the regulations and standards of the state. Should a collection agency fail to uphold these rules in such a way that causes verifiable financial loss by the people of the state, a claim may be made against the collection agency’s bond.

According to the Illinois Collection Agency Act (225 ILCS 425/8), “the bond shall be for the benefit of creditors who obtain a judgment from a court of competent jurisdiction based on the failure of the agency to remit money collected on account and owed to the creditor.”

All collection agencies must adhere to the Illinois Collection Agency Act, but the law does not apply to debt collectors, including:

  • banks
  • real estate brokers
  • attorneys
  • retail stores collecting debts
  • homeowners’ associations
  • billing companies that only send account notices

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What’s the fine print?

The following information must be provided on the bond form:

  • county
  • FEIN (or SSN if a sole proprietorship)
  • whether the bond is for a renewal or new application.

Collection agency bonds in Illinois are continuous until canceled. The state requires surety companies to provide the Department of Financial and Professional Regulation with at least 60 days’ notice before canceling a bond.

How to become a collection agency in Illinois

To register a new collection agency in Illinois, you must submit the following to the Department of Financial and Professional Regulation:

  • Application for Registration
  • Personal/Employment History
  • Financial Statement
  • Bond
  • Employee Identity Listing
  • Branch Application (if applicable)
  • $750 application fee

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Get a FREE Collection Agency Bond Quote Today!

Additional Resources

Illinois Department of Financial and Professional Regulation

Illinois Collection Agency Instruction Sheet and bond form

Illinois General Assembly Illinois Compiled Statutes Professions and Occupations (225 ILCS 425/) Collection Agency Act

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