Illinois Credit Service Organizations provide or represent to clients that they can improve a client's credit record, history, or rating, obtain an extension of credit for the client, or provide advice or assistance to a buyer.
Credit Service Organizations in Illinois must file a registration statement with the Secretary of State before conducting business. A surety bond of $100,000 must be provided with registration.
When fees from clients are collected prior to providing services, a Credit Services Organization must provide a $100,000 surety bond to the Illinois Secretary of State. The surety bond guarantees compliance with the Credit Services Organization Act. Any persons damaged by violations of the Act can make a claim on the bond.
The surety bond must be maintained for two years after the date that the organization ceases to operate.
The Act protects consumers with credit problems who seek the assistance of a credit services business. The provisions of the Act ensure that the organizations present truthful information to the consumer, including:
The premium you pay for an Illinois Credit Services Organization Surety Bond depends on your personal and business financials. SuretyGroup.com wants to help you save money. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
A person who makes a claim on a surety bond may also be awarded punitive damages, reasonable attorney's fees and court costs. The surety company is only liable for actual damages.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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