1 (844) 589-9732

Illinois Debt Management Service Provider Bond

The $25,000 Illinois debt management service provider is available from AmeriPro Surety Bonds at a great price: 844-589-9732.

Illinois Debt Management Service Provider Bond

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Illinois Debt Management Services

 

 

 

As defined by the Illinois Debt Management Services Act, debt management services, for a fee, manage the finances of the debtors.

They do so by accepting money from debtors and distributing those funds to creditors of the debtor.

As a condition for licensing under the Act, a debt management services provider is required to obtain a surety bond.

 

 

 

Illinois Debt Management Service Provider Bond: The Amount

 

 

 

The Illinois debt management services provider bond is a standard $25,000 surety bond.

However, according to the Act, the surety bond amount may be increased according to the dollar amount of disbursements made by a licensee in the prior year.

If you are required to obtain a surety bond amount greater than $25,000 the Department of Financial Institutions, the bond’s obligee, will inform you of the increased amount required.

AmeriPro Surety Bonds will also facilitate any larger surety amounts required.

 

 

 

Illinois Debt Management Service Provider Bond: The Purpose

 

 

 

Managing and acting in a fiduciary capacity for someone’s debt is a very serious matter.

The purpose of this surety bond is a financial guarantee for Illinois consumers that a licensed debt management service provider, you will comply with all statutes and provisions governing your profession.

The bond protects those others— the Illinois consumer — from any acts of fraud, theft, and willful and negligent mismanagement or misappropriation of funds in your duties as a debt management provider.

Such protection afforded the consumer extends also to any employees, owners, and managers of your company.

But that bond is not an insurance policy.

Any claims judged credible and payable by the surety become your legal responsibility to reimburse in full. This includes all costs and fees associated with that settlement.

 

 

 

Premium for Your Illinois Debt Management Service Provider Bond

 

 

 

You can take comfort in the fact that you will pay nowhere near the bond’s $25,000 amount.

For qualified applicants, your surety bond may cost slightly more than 1% of the bond’s face amount.

The amount you personally will be required to pay will be determined by a standard application along with a credit check.

Therefore, the amount may vary somewhat or substantially.

 

 

 

Duration of This Surety Bond

 

 

 

Whenever you purchase the bond, the bond’s expiration will be December 31st of that year.

If you purchase the bond in the middle of the year, the bond’s premium may be prorated to reflect the shorter duration.

Your surety bond must always be kept active and current. Any lapses or gaps in bond coverage may result in the Department suspending your license.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency providing surety bonds throughout Illinois.

Our agency also provides license and permit, contractor, court, and fiduciary bonds nationwide.

We thank you for your consideration and eagerly look forward to helping you get the bond you require.

Please call our agency today:

 

844-589-9732

Request a Callback

  • Date Format: MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

apply today

recent news

Lost Cashier’s Check Bond | Lost Instrument Bond

If you’ve lost a cashier’s check or money order, to replace it, the banking institution will require that a “Lost Instrument bond” be purchased in order to re-issue it. Learn how to quickly purchase this bond with AmeriPro Surety Bonds.

Mortgage Broker Bond

A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.

Notary Public Bond California

A notary bond, also known as a notary public bond, is a bond that is required by the state of California to engage in the business of witnessing signatures on documents. 

Missouri Replevin Bond

Missouri Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Missouri Replevin Action; Surety Bond Requirement, Amount & Purpose       An action of replevin occurs when a Plaintiff, in a civil court matter, is permitted by the...

Mississippi Replevin Bond

Mississippi Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Mississippi Replevin Action; Bond Amount and Purpose       An action of replevin occurs in a civil litigation proceeding. The replevin allows the Plaintiff, before a...

Ohio Receiver Bond

Ohio Receiver Bond AmeriPro Surety Bonds | 844-589-9732       Surety Bond; Purpose And Amount       An Ohio receiver may be appointed by a court or state supreme court to handle matters relating to a mortgage; enforcing rental agreements;...

contact us

Office: 1 (844) 589-9732

Hours of Operation:

Monday – Friday 6 am to 5 pm (PST)