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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 $25,000 surety bond. Applicants who qualify can be quoted at a rate as low as $150!
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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 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:
- real estate brokers
- 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:
- 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
- Employee Identity Listing
- Branch Application (if applicable)
- $750 application fee
Collection Agency Bonds Nationwide
Many collection agencies operate in multiple states, meaning they may be required to have multiple surety bonds. Get more information about other states’ collection agency bond requirements by selecting a state on the map below.