Illinois Loan Processor Bond

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.

 

 

Get a Free Quote Instantly Online

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.

 


Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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