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Illinois
Consumer Legal Funding Licensee Bond

400,000+ Bonds issued to 250,000+ satisfied customers.

Coverage Amount: $50,000
Term Length: 1 year
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Illinois Legal Funding Bond Guide

If you’re applying for a consumer legal funding company license in Illinois, you’ll need this bond. 

Bond Overview

  • Purpose: To protect consumers from harm if a litigation financier breaks the law
  • Who Needs It: All consumer legal funding companies in Illinois
  • Regulating Body: The Illinois Department of Financial and Professional Regulation
  • Required Coverage: $50,000
  • Premium Rate: Credit-based, starting at $500

Learn all about the bond requirements and process in this guide. 

An Illinois consumer legal funding license bond protects consumers from financial harm if a litigation funding company breaks state laws. 

The Illinois Department of Financial and Professional Regulation requires this bond as part of the licensing process for all consumer legal funding companies. 

The state-required $50,000 consumer legal funding bond costs a small percentage of the bond amount, typically 1–10%. For example, you could pay as low as $500 for the $50,000 bond with excellent personal credit. 

Apply for your free, no-obligation quote now!

Bond Type
$50,000Consumer Legal Funding Licensee Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get an Illinois consumer legal funding license bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your free quote in 1 business day
  3. Sign: Complete the indemnity agreement and provide any requested information
  4. Buy: Purchase the bond online 24/7

We’ll upload the bond directly to the NMLS on your behalf and email you confirmation for your records. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

As with all surety bonds, a consumer legal funding bond creates a legal contract between three parties: 

  1. Principal: You, the consumer legal funding company owner(s) filing the bond
  2. Obligee: The Illinois Department of Financial and Professional Regulation requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the Consumer Legal Funding Act. 

If you violate the provisions of the Act, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety. 

How Do I Renew My Bond?

To renew your consumer legal funding bond, simply pay your renewal invoice when prompted. We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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