What is an Illinois Consumer Installment Loan Act Bond?
A Consumer Installment Loan Act Bond is a type of surety bond required by the State of Illinois, Department of Financial Institutions. The purpose of this surety bond is to ensure the bonded company adheres to the rules and regulations set forth by the Director of Financial Institutions and complies with the provisions of the Illinois Installment Loan Act. Furthermore, the bond guarantees payment to the State any lawful amounts due to the state or others by virtue of the provisions of the Illinois Installment Loan Act.
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