How much will my timber buyer’s bond cost in Illinois?
Illinois timber buyer’s bond amounts vary and are dependent on the amount of money spent on timber plots in the previous year. Timber buyers must post a $500 surety bond if they purchased timber amounting to $5,000 or less in the previous year. The bond amount is increased by $100 for each additional $1,000 paid to timber growers, up to $10,000. The required bond amount for new timber buyers must be based on the estimated dollar amount for timber purchased in the next year and must be greater than $500.
Calculating your bond price can be confusing, which is why our experts do all of the hard work for you when you choose SuretyBonds.com. Contact a surety expert to receive a free, personalized bond quote!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Timber Buyer's Bond||Varies||Starts at 1%||4-10%||10%+||Apply Now|
If you’re ready to purchase a timber buyer’s surety bond, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
A timber buyer is any person who is engaged in the business of buying timber from timber growers and then sawing it into lumber.
An Illinois timber buyer’s bond is mandated by the Illinois Department of Natural Resources for the protection of timber sellers. According to the Illinois Compiled Statutes (225 ILCS 735/5), it is unlawful for timber buyers to:
- knowingly and willfully fail to pay, as agreed, for the timber purchased
- cut or cause to be cut any timber without the grower’s consent
- commit any fraudulent act in connection with the purchase or cutting of timber
- fail to file the report or pay the fees required by the Act
- resist or obstruct any officer, employee or agent of the Department
Want a quote for an Illinois timber buyer’s surety bond? Fill out our online bond request form now!
What’s the fine print?
Illinois timber buyer’s surety bonds are continuous until canceled. If the surety wishes to terminate the bond, 60 days’ notice prior to termination must be given to the state.
The state requires that the bond amount must double if the timber buyer has had a previous claim made against his or her bond.
How to become a timber buyer in Illinois
All Illinois timber buyers must be licensed. The license runs for a period of one year and must be renewed annually. A license will only be granted if the applicant:
- purchases a surety bond in the correct amount
- fills out an Illinois timber buyer’s license application
- pays all fees
- and more
If you have any questions, contact us now. We have surety experts standing by to answer any questions you might have and to walk you through our simple bonding process.
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