{"id":833,"date":"2013-04-09T04:31:39","date_gmt":"2013-04-09T04:31:39","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=833"},"modified":"2017-01-03T16:20:38","modified_gmt":"2017-01-03T16:20:38","slug":"illinois-collection-agency-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/illinois-collection-agency-bond\/","title":{"rendered":"Illinois Collection Agency Bond"},"content":{"rendered":"

A collections professional must as a requirement of licensing post an Illinois collection agency bond<\/a><\/strong>. \u00a0Pursuant 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<\/a>). The regulatory statute declares it public policy of the State to eliminate abusive debt collection practices by licensed agencies. \u00a0The State is to protect consumers against debt collection abuse. \u00a0In efforts to fulfill those statutory duties, the Illinois Collection Agency Licensing & Disciplinary Board was created. \u00a0The Board<\/a> is made up of seven member, five of which come from the industry. \u00a0The Illinois collection agency bond<\/a>\u00a0<\/strong>is a financial guarantee that the licensee gives to guarantee his or her compliance with the statutes and rules. \u00a0The Illinois surety bond must be written in the amount of $25,000. \u00a0the specific wording of the obligation is that the licensee will conform to and abide by the provisions of the Act<\/a>, including those rules<\/a>, 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.\u00a0Illinois surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>, specializes in the bond needs of the debt collection and adjustment services sector. \u00a0We offer this class of\u00a0surety bond\u00a0<\/em>to all applicants regardless of financial condition. We also offer broad\u00a0fidelity bond<\/a>\u00a0coverages to protect against employee dishonesty. \u00a0Visit us at\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0Illinois collection agency bond<\/strong>\u00a0application or information about surety and fidelity generally.<\/p>\n","protected":false},"excerpt":{"rendered":"

A collections professional must as a requirement of licensing post an Illinois collection agency bond. \u00a0Pursuant to Illinois law, a “Debt collector” or “collection agency”, being synonymous means any person who, in the ordinary course of business, regularly, on behalf… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1025,1024,1027,1026],"yoast_head":"\nIllinois Collection Agency Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/illinois-collection-agency-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Illinois Collection Agency Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A collections professional must as a requirement of licensing post an Illinois collection agency bond. \u00a0Pursuant to Illinois law, a “Debt collector” or “collection agency”, being synonymous means any person who, in the ordinary course of business, regularly, on behalf... 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