This bond is required for businesses or individuals who act as designated agents for vehicle dealers in Illinois. A designated agent handles motor vehicle paperwork and transactions on behalf of dealers with the Secretary of State. The bond guarantees that the agent will follow all state laws and regulations when proc…
Overview
What it is.
This bond is required for businesses or individuals who act as designated agents for vehicle dealers in Illinois. A designated agent handles motor vehicle paperwork and transactions on behalf of dealers with the Secretary of State. The bond guarantees that the agent will follow all state laws and regulations when proc…
Who usually needs it
Motor vehicle dealers licensed by the Illinois Secretary of State who are engaged in selling or dealing in five or more vehicles per year, acting as an intermediary, agent, or broker for licensed dealers or purchasers, or advertising such activities. The bond is required for each dealership location, particularly during the first 36 to 60 consecutive months…
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$50,000ObligeeState of IllinoisBond classLicense BondCategoryMotor VehicleBondIllinois Designated Agent for Vehicle Dealer BondJurisdictionStatePlain descriptionThis bond is required for businesses or individuals who act as designated agents for vehicle dealers in Illinois. A designated agent handles motor vehicle paperwork and transactions on behalf of dealers with the Secreta…Who needs this bondMotor vehicle dealers licensed by the Illinois Secretary of State who are engaged in selling or dealing in five or more vehicles per year, acting as an intermediary, agent, or broker for licensed dealers or purchasers, …
