Illinois Electronic License Service Bond Guide
If you plan to become a registered agent for Electronic License Services, LLC (ELS) in Illinois, you’ll need to file a surety bond. This guide will walk you through how the bonding process works and what you’ll need to get started.
Bond Overview
- Who Needs It: Agents partnering with ELS to sell services and products
- Purpose: To guarantee agents meet contract requirements and remit funds properly
- Regulating Body: Electronic License Service, LLC
- Required Amount: $1,000–$100,000, based on sales volume
What Are Illinois Electronic License Service LLC Indemnity Bonds?
An Illinois Electronic License Service LLC indemnity bond is required by Electronic License Services, LLC (ELS) for agents who sell its products and services.
The surety bond guarantees that agents properly collect and remit funds from those transactions and comply with ELS standards.
If an agent fails to meet their obligations, ELS can file a claim against the bond. If the claim is valid, the surety will pay damages up to the bond amount, and the agent is responsible for reimbursing the surety.
Who Needs an Illinois Electronic License Service LLC Indemnity Bond?
ELS partners with more than 1,000 agents throughout Illinois, serving over 75% of the state’s counties. Their network of clients includes:
- Banks
- Credit unions
- Currency exchanges
- Insurance agencies
- Retailers
- License remitters
- Package shipping companies
How Much Do Electronic License Service Indemnity Bonds Cost?
The cost of an Illinois Electronic License Services, LLC indemnity bond depends on your required bond amount and personal credit.
ELS will determine your required bond amount based on your expected sales volume. Premiums typically range from 1% to 10% of the total bond amount. For example, you could pay just $100 for a $10,000 ELS indemnity bond if you have an excellent credit score.
Apply below to get your free quote today!
SuretyBonds.com offers the lowest available rates available from our nationwide network of providers.
How Does an Illinois Electronic License Service Bond Work?
By purchasing this type of bond, you enter a legally-binding contract between three parties:
- Principal: You, the agent offering ELS services
- Obligee: Electronic License Service, LLC, requiring the bond
- Surety: The provider issuing the bond
If an agent fails to remit funds or otherwise violates the bond terms, the surety may pay damages up to the bond amount. The agent is responsible for reimbursing the surety.
How Do I Get an ELS Indemnity Bond in Illinois?
SuretyBonds.com offers a quick and easy way to get your Illinois Electronic License Service, LLC indemnity bond. Just select your required bond amount and checkout through our online portal.
We'll mail the official bond form via your preferred shipping method. Select overnight if you're in a rush.
Can I Get Bonded With Bad Credit?
Yes, you may be able to get an Electronic License Service, LLC indemnity bond even with bad credit.
When you apply, we will explore our nationwide markets to find the best available rate for you. Apply now to get started!
How to Renew Your ELS Indemnity Bond
You must renew your Illinois ELS indemnity bond before the current one-year term ends. These bonds are continuous until canceled, so all you need to do is pay your renewal invoice to maintain an active policy.
How to Become an Authorized Electronic License Service Agent
To become an authorized ELS agent in Illinois, follow these steps:
- Contact ELS and complete training: Call 312-281-5600 to schedule training and get familiar with the system.
- Learn about offerings: Understand the services you’ll be offering, such as vehicle title transactions, license plates and tax payments.
- Obtain surety bond: Purchase and file a surety bond.
- Submit required forms: Fill out the necessary forms and submit them with proof of training and your bond.
Once everything is approved, you’ll be able to operate as an authorized ELS agent!
