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Illinois services surety bond 2025

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The document outlines the requirements for a credit services organization in Illinois to maintain a $100,000 surety bond as mandated by Public Act 85-1384. It specifies that the bond must be maintained continuously while the organization charges for services and for two years after ceasing operations. The bond serves to protect individuals from damages caused by violations of the Credit Services Organizations Act, allowing them to seek legal recourse against both the principal and surety.

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How much is a $30,000 notary bond in Illinois?

The Illinois four-year, $30,000 notary bond may also be purchased for $75.00. Discounts/savings apply only to notary supplies. **Required by Illinois notary law.

How much does a 20,000 surety bond cost?

Surety Bond Cost Table Surety Bond AmountYearly Premium Excellent Credit (675 and above)Bad Credit (599 and below) $20,000 $200 - $600 $1,000 - $2,000 $25,000 $250 - $750 $1,250 - $2,500 $30,000 $300 - $900 $1,500 - $3,0007 more rows

How do you calculate surety on a bond?

To determine the premium, the surety provider considers the applicants credit history, industry experience, financial statements, and the type and size of the bond required. The premium is typically a percentage of the bond amount, often ranging from 1% to 5% annually. A standard rate is 2.50% to 3.00%.

How much does a $5000 surety bond cost?

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.

How do I get a surety bond in Illinois?

Process: Purchase Bond: Obtain a surety bond from Integrity Surety. Submit Application: Complete and submit the notary application to the Illinois Secretary of State. Receive Commission: Once approved, file the bond with the county clerk and obtain your notary seal.

How much does it cost for a $10,000 surety bond?

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 does a $7 500 surety bond cost?

$75,000 surety bonds typically cost 0.510% of the bond amount, or $375$7,500. Highly qualified applicants with strong credit might pay just $375 to $750, while an individual with poor credit will receive a higher rate.

Illinois services surety bond 2025

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