Illinois Loan Processor Bond Requirement
In Illinois, new provisions were adopted regarding the Illinois Department of Financial and Professional Regulation, and now requires independent loan processors to obtain a surety bond.
Independent loan processing entity registrants must obtain an electronic surety bond that provides coverage for each sponsored loan originator in the amount of $50,000. These provisions were effective on May 10, 2019.
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.