Illinois Collection Agency Bond
AmeriPro Surety Bonds | 844-589-9732
Illinois Collection Agencies
Illinois-based collection agencies are regulated by the Illinois Department of Financial and Professional Regulation and Section 425/8 of the Illinois Compiled Statutes (which, as of this writing in November 2018, is set to be repealed in 2026).
The law mandates that Illinois collection agencies obtain a $25,000 Illinois collection agency bond.
This surety bond is available as a new and renewal bond from AmeriPro Surety Bonds.
Qualifying and the Premium
You are automatically approved for the $25,000 Illinois collection agency bond. There is no credit check, and so the bond is issued to you immediately. When you call us, we’ll just ask you the following simple questions:
- The name, address, and other contact information of your surety bond;
- Your business FEIN number;
- The County name where your business is located;
- Whether your bond is a New or Renewal surety bond.
After payment of the $188 premium, our agency issues your bond to you immediately. Upon receipt of your bond and Power of Attorney form, you’ll sign your bond as Principal, mailing all documents to:
State of Illinois, Department of Professional Regulation
320 West Washington Street
Springfield, IL 62786
Additional Premium Payment Options
Your collection agency bond may be prepaid for a period of up to 3 years. Prepayment of your premium saves you over annual renewals. The premium prepayment option and savings are as follows:
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
Illinois Collection Agency Bond: Its Purpose
The Illinois collection agency bond is a financial guarantee issued on behalf of creditors.
The bond, therefore, is not for the protection of the collection agency at all.
According to state law, the Illinois collection agency bond is a financial guarantee which protects creditors whom the collection agency fails to remit collected funds — from debtors — as first determined by a civil court judgment against the collection agency.
The bond’s existence guarantees that the collection agency will be paid up to the $25,000 amount, provided that the collection agency fails to pay for from its own accounts
But — and this is significant — the bond is not an insurance policy.
What that means is that should the surety pay a claim on the Illinois collection agency bond, you, as principal are legally obligated to reimburse the surety for all costs and fees involved in the settlement of that claim.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary bonds throughout Illinois.
Please contact our agency today for your IL collection agency bond, by calling us or filling out the form below.
We look forward to seeing you get bonded.