Any person or business operating as a credit repair organization (formerly credit services organization) in Illinois. Required when: Engaging in the business of a credit repair organization, specifically when charging or receiving money prior to full and complete performance of services. Exemptions: Non-profit organiz…
Overview
What it is.
Any person or business operating as a credit repair organization (formerly credit services organization) in Illinois. Required when: Engaging in the business of a credit repair organization, specifically when charging or receiving money prior to full and complete performance of services. Exemptions: Non-profit organiz…
Who usually needs it
Any person or business operating as a credit repair organization (formerly credit services organization) in Illinois.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateILBond amount$100,000Term lengthContinuousObligeeIllinois Department of Financial and Professional RegulationRenewalThe bond must be maintained continuously while the organization is in operation and for a period of 2 years after the date the organization ceases operations. Renewal typically involves paying an annual premium to the s…Bond classLicense BondCategoryFinancial ServicesBondCredit Repair Organization BondStatutory reference815 ILCS 605/5.4JurisdictionState
