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Illinois Remittance Agent's Bond

How much does a remittance agent’s bond cost in Illinois?

Illinois remittance agent surety bonds must be furnished in a minimum amount of $20,000. However, the amount may increase if the agent’s remittances for the previous year exceed that amount.

The price remittance agents will pay for this bond is based on an underwriter review of the applicant’s qualifications.

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
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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

Our surety specialists are standing by to answer any questions you might have! Connect with a bond expert to get started.

Ready to get started?

Get a FREE Remittance Agent Bond Quote Today!

Additional Resources

Bond Increase for Remittance Agents

Senate Bill 1556

Illinois Remittance Agent License Application

Illinois Joint Committee on Administrative Rules Application for Remittance Agency

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