Any person or entity soliciting or providing debt management services for compensation in Illinois. Required when: Application for a license to engage in the debt management service business. Exemptions: Attorneys at law; Banks, trust companies, and credit unions; Title insurers and escrow companies; Judicial officers…
Overview
What it is.
Any person or entity soliciting or providing debt management services for compensation in Illinois. Required when: Application for a license to engage in the debt management service business. Exemptions: Attorneys at law; Banks, trust companies, and credit unions; Title insurers and escrow companies; Judicial officers…
Who usually needs it
Any person or entity soliciting or providing debt management services for compensation 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$25,000Term lengthAnnualObligeeIllinois Department of Financial and Professional Regulation, Division of Financial InstitutionsRenewalRenewal applications must be submitted to the Department no later than December 1 of the year preceding the license year, accompanied by the renewal fee and the required bond.Bond classLicense BondCategoryFinancial ServicesBondDebt Management Service BondStatutory reference205 ILCS 665/4JurisdictionState
