Does The State Of Illinois Require Registration For Credit Repair Businesses

The Illinois Credit Services Organization Surety Bond is required by the Illinois Secretary of State Index Department. According to Illinois Compiled Statutes, 815 ILCS 605/3, a Credit Services Organisation is a person who provides the post-obit services in exchange for payment:

Improving a buyer's credit record, history, or rating
Obtaining an extension of credit for a heir-apparent
Providing advice or assistance to a buyer with regard to either of the above items

The Illinois Credit Services Organization Surety Bail allows an Organisation to receive payment from consumers prior to full completion of service. Furthermore, bond ensure the System'south compliance with the provisions of the Credit Services Arrangement Human action and is in favor of any person damaged past any violation of said Act.

The required amount for the Illinois Credit Services Organisation Surety Bond is $100,000.

The bond must be maintained for 2 years after the appointment that the credit services organization ceases business operations.

Apply for your Illinois Credit Services Organisation Bond today!

Registration Requirements

According to the Illinois Credit Services Organisation Human action, a credit services organisation must file a registration statement with the Secretary of State in guild to acquit business in the State of Illinois. The registration statement must incorporate:

The name and accost of the credit services organization
The proper noun and address of the registered agent authorized to accept service of procedure on behalf of the credit services organization
The name and accost of whatever person who controls 10% or more of stock in the credit services organization
The name, numbers, and location of the surety company issuing the surety bond

The registration statement must likewise contain either:

A full and complete disclosure of any litigation or unresolved complaint filed with a governmental potency or;
A notarized statement that states that there has been no litigation or unresolved complaint

Where tin can I go an Illinois Credit Services Arrangement Surety Bond?

Information technology does not take long to process a Illinois Credit Services System Surety Bond. We offer an easy to utilise online application that can be completed in a thing of minutes. Later on applying, within ane business organization solar day you will exist contacted by ane of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bail will be mailed to you via USPS priority mail. Overnight delivery is also available.

Surety1 is licensed in all fifty states and is rated A+ past the Ameliorate Business organisation Bureau. Surety1 has been writing surety bonds in Illinois since 2003.

Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses

How to Become Your Illinois Credit Services Organization Surety Bond

i. Complete an online awarding. It'due south free and no-obligation. ii. One of our surety experts will contact you with a firm quote and an agreement to sign. iii. Provide payment and your signed agreement, and and so yous volition receive your Illinois Credit Services Organization Surety Bond! If you take whatsoever questions, please call u.s.a. at 877-654-2327.