What is an Illinois Remittance Agent Bond?
A Remittance Agent Bond is a type of surety bond required in the State of Illinois to ensure remittance to the state of payments received for vehicle taxes, vehicle registration fees or license fees in accordance with the provisions of state laws. The bond requirement is in accordance with Illinois statutes to license and regulate the acceptance of money from the public for remittance, to provide for the administration of these activities and all applicable rules set forth by the Secretary of State.
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Why is an Illinois Remittance Agent Bond Required?
The condition of the Remittance Agent Surety Bond obligation is such that the bonded principal who has applied for a license under the Illinois Remittance Agent Act to transact the business of a Remittance Agent as provided by law shall pay all the obligations set forth by law during the period for which the license is issued and effect.
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