How much does a remittance agent’s bond cost in Illinois?
Illinois remittance agent surety bonds should be furnished in a sum equivalent to the amount of money accepted for remittance for the licensee in the highest 15-day period during the previous fiscal year. The amount should be rounded to the nearest $1,000 and should not be any less than $10,000.
The price remittance agents will pay for this bond is based on the applicant’s personal credit report.
Because the amount and cost of this bond vary so much, we recommend letting our team of experts do all of the hard work for you. Give us a call at 1 (800) 308-4358 or fill out an online bond request form to get started!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Remittance Agent's Bond||Varies||Starts at 1%||3-10%||10%+||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
Illinois law mandates that all remittance agents purchase and maintain a surety bond as a requirement when obtaining a license. This surety bond ensures that the bonded agent will be liable for any and all financial damages suffered by consumers as a result of the agent’s failure to comply with the rules and regulations stated in the Remittance Act. Specifically, this bond ensures that agents accept money from the public for remittance ethically and lawfully.
Our experts’ unsurpassed knowledge of the bonding process ensures that you will get the bond you need quickly, easily and accurately. Apply now!
What’s the fine print?
These bonds expire annually on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs. If the surety wishes to terminate this bond before the expiration date, a 30-day notice of cancellation must be given to the Office of the Secretary of State.
The bond form must be notarized and the applicant must know the county in which business will be conducted.
How to become a remittance agent in Illinois
All applicants must submit the following information to the Illinois Office of the Secretary of State to be licensed as a remittance agent:
- the previous year’s license number (if the applicant is renewing)
- the name and location of the business
- the applicant’s home address and phone number
- the total amount of cash, checks or money orders made payable to the remittance agent
- a list of employees
- and more
Our surety specialists are standing by to answer any questions you might have! Connect with a bond expert to get started.
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