A collections professional must as a requirement of licensing post an Illinois collection agency bond. Pursuant to Illinois law, a “Debt collector” or “collection agency”, being synonymous means any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engages in debt collection (225 ILCS 425/2), from Ch. 111, par. 2002). The regulatory statute declares it public policy of the State to eliminate abusive debt collection practices by licensed agencies. The State is to protect consumers against debt collection abuse. In efforts to fulfill those statutory duties, the Illinois Collection Agency Licensing & Disciplinary Board was created. The Board is made up of seven member, five of which come from the industry. The Illinois collection agency bond is a financial guarantee that the licensee gives to guarantee his or her compliance with the statutes and rules. The Illinois surety bond must be written in the amount of $25,000. the specific wording of the obligation is that the licensee will conform to and abide by the provisions of the Act, including those rules, regulations and directions lawfully made by the Department of Financial and Professional Regulation, Division of Professional Regulation regarding the remittance of funds and will pay to the State and to any person or persons any and all moneys that may become due and owing to the State and to such person or persons. Illinois surety leader, Surety One, Inc., specializes in the bond needs of the debt collection and adjustment services sector. We offer this class of surety bond to all applicants regardless of financial condition. We also offer broad fidelity bond coverages to protect against employee dishonesty. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Illinois collection agency bond application or information about surety and fidelity generally.
