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How much does a loan broker bond cost in Illinois?
The Securities Department of Illinois’ Secretary of State’s Office requires loan brokers to post $25,000 surety bonds as a licensing requirement.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Request your free bond quote now!
If you’re ready to become bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out an online bond request form now.
Why do I need this bond?
By posting an Illinois loan broker surety bond, principals (loan brokers) pledge to strictly comply with the provisions of the Illinois Loan Brokers Act of 1995 and all pertaining amendments and rules and regulations. Prohibited acts under this bond include, but are not limited to:
- using any untrue or misleading statements in connection with a loan brokerage contract
- failing to comply with the requirements of the Act
- failing to comply with the terms of the contract or any obligation arising from it
- failing to make diligent effort to grant a loan to the prospective borrower
- collecting any advance fees or other valuable consideration from a borrower prior to the closing of the loan
If the principal violates the terms of their bond agreement, the bond covers any damages suffered by a consumer up to the full bond amount. The principal must reimburse the surety for any damages paid out.
What’s the fine print?
Illinois loan broker bonds remain in full force and effect until canceled or violated. The surety can cancel the bond by giving written notice of cancellation to both the principal and the Secretary of State at least 30 days prior to the effective date of such termination. The Secretary of State can approve an earlier termination date if appropriate.
How to become a loan broker in Illinois
To perform the acts of a loan broker legally in Illinois, an individual must first obtain the proper registration certification. To become registered, applicants should complete the following steps:
- file a completed application with the Secretary of State
- pay all appropriate application fees
- provide proof of a surety bond
- submit the disclosure statement under Section 15-30(b) of the Act