Illinois bond whereas 2026

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The document is an Illinois Loan Broker's Bond, which outlines the obligations of a principal and surety to the State of Illinois. It specifies a bond amount of $25,000 to ensure compliance with the Illinois Loan Brokers Act of 1995. The bond remains in effect during the registration period and can be terminated by the surety with prior notice. It also details conditions under which the bond may be voided or remain in force.

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Click ‘Get Form’ to open the Illinois Loan Broker’s Bond in the editor.
In the first section, enter the 'Name of Principal' who is applying for the bond. This identifies the individual or entity responsible for compliance.
Next, input the 'Name of Surety', which is the corporation backing the bond. Ensure this entity is qualified to conduct business in Illinois.
Fill in the penal sum of 'Twenty-Five Thousand Dollars ($25,000)' as specified, ensuring accuracy for legal compliance.
Complete the effective date and expiration date fields by selecting appropriate dates from our platform's calendar tool.
Finally, ensure all signatures are included at the bottom. If someone other than a corporate officer signs for surety, attach a Power of Attorney document.

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What is the bond rating for Illinois in 2025?

On May 22, 2025, Fitch Ratings has assigned an A- rating on the following general obligation (GO) bonds issued to the city of Chicago, Illinois. The grade remained unchanged at A-; however, Fitch has downgraded Chicagos outstanding GO bonds from stable to negative. The other three rating agencies remained unchanged.

How much would a $50,000 surety bond cost?

Most surety bond applications will need your official business name, address and ownership information. Some bonds require additional information such as: Credit score. Personal financial statement.

What is the surety bond requirement in Illinois?

Mortgage brokers in Illinois need a bond up to $150,000, based on loan volume. To comply with state law, credit services organizations in Illinois must hold a $100,000 surety bond. In Illinois, licensed public adjusters must have a $50,000 surety bond to comply with state regulations.

What is the new bond law in Illinois?

In July 2023, the Illinois Supreme Court declared the legislation ending cash bail Money paid to insure that a person will show up to court constitutional. Beginning on September 18, 2023, Illinois courts no longer use a cash bail system. Instead, they use a pretrial release system as allowed by the SAFE-T Act.

Did Illinois get rid of bonds?

In 2021, the Illinois legislature passed the Pretrial Fairness Act. With its implementation in 2023, Illinois became the first state in the country to completely end the use of money bond.

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Under what circumstances is a surety bond required?

The cost of your $50,000 surety bond depends mostly on your personal credit score. Applicants with good credit usually pay premiums between 0.75% and 3%, which means between $375 and $1,500 per year. Applicants with bad credit, on the other hand, pay premiums in the range of 3% to 10%, or between $1,500 and $5,000.

Illinois bond whereas 2026

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