Illinois Credit Services Organization Bond
1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
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How Much Does an Illinois Credit Services Organization Bond Cost?
The cost of an Illinois credit services organization bond is between $1,000 and $10,000. The required bond amount is $100,000. However, you can pay a bond premium rather than the total sum of the bond by making your purchase through an authorized surety company.
Our surety company has been meeting the state’s bond needs for over a decade, and we proudly bond more than 99% of applicants. Our bond premium rates are between 1% to 10%. Your rate will be determined by a combination of factors, including your credit rating, professional credentials and financial assets.
We work with applicants with most credit scores. A rate of 1% to 3% applies to applicants with a 700 credit score or better. With this credit score, the $100,000 Illinois credit services organization bond costs between $1,000 and $3,000.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
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Illinois Credit Services Organization Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get an Illinois Credit Services Organization Bond
1. Apply For Your Bond
We are pleased to provide our customers in Illinois with a straightforward, three-step bond process. The first step is to apply for your credit services organization bond. It only takes a couple of minutes to complete the online application.
2. Get Your Bond Quote
Your bond application will be reviewed without delay. Most of our customers receive an immediate bond rate after applying. For complex applications that require in-depth review, a quote is available in 48 hours or less.
3. Buy Your Bond
After taking a moment to review your bond quote, wrap up your purchase by paying the bond premium. This is easy to do with our convenient online payment portal. After making the payment, we will email the bond directly to you. We can also mail the bond upon request.
Do you have questions about the bond or the application steps? To reach our supportive bond specialists, please contact us online or by phone at (877) 514-5146 today.
Our new customer, Sarah, applied for a bond recently. While she anticipated a drawn out, complicated process, she was thrilled to complete the application and learn about the rate in only a few minutes. After paying for the bond, Sarah finalized her license application with the state.
Credit Services Organization Bond Requirements in Illinois
In Illinois, credit services organizations must obtain a license from the Illinois Secretary of State. If the organization receives or charges money to complete the performance of its services, a $100,000 bond is required. The requirement is established by the Credit Services Organization Act.
The obligee for the surety bond is the People of Illinois. The bond must be maintained for two years after the organization stops its operations. It remains valid until it is canceled.
To maintain the surety bond, the bond premium must be paid annually. Our surety company supports our customers with bond maintenance. Prior to the bond premium’s due date each year, we will be in touch with payment instructions.
How to Get Your Credit Services Organization License in Illinois
To obtain a credit services organization license in Illinois, you must apply directly with the Secretary of State’s office. The following items are required to complete a licensing application:
- Credit Services Organization Registration Statement
- Surety bond form
- Authorized agent designation
- $100 filing fee
Our friendly bond specialists are available to tell you more about the required surety bond for credit services organizations. For more information about obtaining a credit services organization license, contact:
Illinois Secretary of State
213 State Capitol
Springfield, IL 62756
Phone: (800) 852-8980
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
