Get Your Illinois Credit Services Organization Bond
$25,000 Bond
1-Year Bond
$100,000 Bond
$25,000 Bond
Expires 12/31
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Why is an Illinois Credit Services Organization Bond Required?
Individuals damaged by any violation of the Credit Services Organizations Act by the bonded principal may bring an action of law against the principal and surety on this bond to recover such damages. Any person suffering from a violation of this Act may take such action against the credit services organization and against the surety company. The surety is liable only for actual damages and not the punitive damages as permitted under state law. The aggregate liability of the surety company for all persons damaged by a credit services organization's violation of this Act will in no event exceed the amount of the bond.
Additional Illinois Credit Services Organization Bond Resources & Links
The state of Illinois defines a "Credit Services Organization" as a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide services as defined in the Credit Services Organization Act.
Credit services organizations, salespersons, agents, representatives, or any independent contractor who sells or attempts to sell the services of a credit services organization may not charge or receive any money or other valuable consideration prior to full and complete performance of the services the credit services organization has agreed to perform for or on behalf of the buyer, unless the credit services organization has obtained a surety bond issued by a surety company licensed to do business in Illinois such as Surety Bonds Direct.
State of Illinois Credit Services Organization $100,000 Surety Bond
Illinois Compiled Statutes BUSINESS TRANSACTIONS (815 ILCS 605/) Credit Services Organizations Act.
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