According to the Illinois Secretary of State, the most frequent problem that applicants for the Illinois loan broker bond encounter is obtaining the surety bond.
The Illinois loan broker bond is a $25,000 surety bond required for licensing.
Our goal is to help you to not be another anecdote for the Secretary of State. We want you to have your surety filed in a timely manner.
As a licensed loan broker, the Illinois loan broker bond exists to protect the state and residents of Illinois.
The bond is a financial guarantee for the consumer public --- your customers –- that you as a licensed Illinois loan broker will be in compliance with all rules and statutes governing your chosen profession.
More directly, the bond protects the public from acts of fraud, theft, or criminal misconduct committed by a loan broker in the performance of their duties.
Such protections extend also to harm committed by employees or agents who act contrary to the law.
But your surety bond is not an insurance policy; it does not protect you at all.
Should a claim be filed by the public or the state and deemed credible, any amounts paid from your surety bond become your legal obligation.
This is to say that whatever the surety pays in the settlement of any claims against you, you in turn must reimburse the surety in full.
Such reimbursement extends to all costs, fees and penalties in the settlement of a claim.
While the Illinois loan broker bond is a $25,000 surety bond, you will pay nowhere near that amount.
Applicants for the bond may pay as little as 2% of the bond’s amount annually; however, the amount you will be required to pay will be determined by an application.
Most significantly, however, your credit score will be largest determinant in the premium required of you.
Once issued, the bond expires on the 31st of the year in which it is issued.
The bond may be prorated depending on when during the year it is purchased.
In any case, the Illinois loan broker bond renews annually, and must be kept on file with the Secretary as a continued prerequisite for licensing.
AmeriPro Surety Bonds is a surety-bonds only agency.
We provide court, license and permit, fiduciary, and contractor bonds throughout all of Illinois.
Our agency also provides surety bonds nationwide.
For customers who may have experienced some credit issues in the past, our agency may be able depending on the level of severity.
Give us a call.
We thank you for your consideration and look forward to working with you.