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Remittance Agent's Bond - Illinois Secretary of State

Remittance Agent's Bond - Illinois Secretary of State 2025

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The document is a Remittance Agent's Bond form issued by the Secretary of State of Illinois, outlining the obligations and conditions for a principal applying for a license to act as a remittance agent. It specifies the bond amount, legal responsibilities, and requirements for payment of vehicle taxes and fees, along with provisions for cancellation and legal action.

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How much is a $5000 surety bond in Illinois?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

What is bond remittance?

Remittance Agent Bond Information A Remittance Agent Bond is a type of surety bond required for those who accept money for remittance to the state for the payment of vehicle taxes or vehicle license or registration fees. Show More

How are surety bonds priced?

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

How much is a surety bond for notary in Illinois?

Your Illinois Notary Surety Bond. Illinois law requires all Notaries to purchase and maintain a $5,000 Notary surety bond for the duration of their 4-year commission. The Notary bond protects the public of Illinois against any financial loss due to improper conduct by an Illinois Notary.

What is an Illinois Financial Responsibility bond?

Illinois Financial Responsibility Bond Information The surety bond ensures that the bonded principal (i.e. taxpayer) pays to the Illinois Department of Revenue (IDOR) all monies becoming due under this law.

How do I get a notary bond in Illinois?

The state of Illinois requires an original application to be mailed. Once you have filled out your Notary application, mail your original completed application and bond form to the National Notary Association. Once your application has been processed by the state, you will receive notification from the county clerk.

How do I get a surety bond in Illinois?

The first step to getting an Illinois surety bond is to apply for your bond. Not everyone can get approved for a bond, so this is the first step to getting bonded. Most companies all you to apply for your bond online. You can apply for a bond at your local insurance agency, or a specialized surety bond company.

How much does a surety bond cost in Illinois?

The exact cost will vary depending on the surety bond amount required by the Illinois Secretary of State Vehicle Services Department. Bond amounts up to $5,000 cost just $100. Bond amounts from $5,001 to $50,000 cost $10 for every $1,000 of coverage, starting at $100.

Remittance Agent's Bond - Illinois Secretary of State 2025

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