Bonding

815 ILCS 122/4-15
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(815 ILCS 122/4-15) Sec. 4-15. Bonding. (a) A person or entity engaged in making payday loans under this Act shall post a bond to the Department in the amount of $50,000 for each location where loans will be made, up to a maximum bond amount of $500,000. (b) A bond posted under subsection (a) must continue in effect for the period of licensure and for 3 additional years if the bond is still available. The bond must be available to pay damages and penalties to a consumer harmed by a violation of this Act. (c) From time to time the Secretary may require a licensee to file a bond in an additional sum if the Secretary determines it to be necessary. In no case shall the bond be more than the outstanding liabilities of the licensee. (Source: P.A. 94-13, eff. 12-6-05.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026

Starting a business in Illinois? Illinois LLC guide: costs and requirements