Illinois Consumer Installment Loan Act Bond
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Save time and money by extending your bond term. Choosing a longer term now means you pay 25% less for your bond each year and skip the annual renewal process.
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How Much Do Consumer Installment Bonds Cost in Illinois?
$25,000 Illinois consumer installment bonds cost $250 per year. All applicants qualify for the same rate, no credit check required. You can also save up to 25% by selecting a multi-year term.
Who Needs an Illinois Consumer Installment Loan Bond?
The Illinois Consumer Installment Loan Act requires all licensed loan installment professionals working in the state to be bonded. By posting a surety bond, principals (loan installment professionals) agree to abide by every provision of the Act and any rules and regulations of the Division of Financial Institutions.
How to Become a Consumer Installment Loan Professional in Illinois
To become a licensed consumer installment loan professional in Illinois, an applicant must submit the following materials:
- A completed application form
- A copy of all organization documents required to be filed with the Illinois Secretary of State and a copy of the filing of assumed business name with the appropriate County Clerk’s office (if a sole proprietorship)
- Supplemental application provided in the application packet and the credit reports of applicable partners, officers, and individuals
- Most recent year-end and quarter-end financial statements, or opening statements for new corporations
- A $25,000 surety bond filed with the Division of Financial Institutions
A full list of licensing requirements can be accessed via the "Additional Resources" section of this page.
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