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How much does a currency exchange bond cost in Illinois?
The Illinois Department of Financial and Professional Regulation requires that all currency exchanges post a $25,000 surety bond for each location seeking a license up to a total amount of $350,000. This bond is subject to underwriting and quotes are based upon the applicant’s credit.
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Why do I need this bond?
As determined by the Currency Exchange Act, currency exchanges must obtain these bonds in order to protect any creditors from liability incurred by the currency exchange on any money orders that are issued or sold by the currency exchange in the course of business. The bond also makes the currency exchange liable for any sum due to a payee or endorsee of a check, draft, or money order that is left with them in the course of business. As they are in place to protect the public, currency exchange bonds do not cover money orders issued or other liabilities incurred by a currency exchange for its own account or the accounts of controlling persons.
In the event of wrongdoing on behalf of the currency exchange, a claim may be filed in an amount no larger than the total amount of the bond. The surety will pay out up to the limit of the bond, at which point the principal will reimburse the surety as guaranteed by the indemnity agreement that is signed before the bond is issued.
What’s the fine print?
Community currency exchange bonds and licenses are both issued on a one-year term and the bond must expire on April 30, with the license expiring December 31 of the same year. Since the bond and license do not expire on the same date, it is important that the principal is aware of both dates to avoid any potential lapses in coverage.
How to become a currency exchange licensee in Illinois
Aside from the surety bond, all potential currency exchange licensees in Illinois must submit the following:
- An application
- A financial statement and questionnaire for each individual involved in the exchange as an owner, officer, or director
- A nonrefundable $1,000 fee payable to the Department of Financial Institutions
- A narrative personal credit report from a recognized credit bureau
Get a great quote on your Illinois currency exchange bond when you work with SuretyBonds.com.