Effective January 1st, 2018, the Illinois motor vehicle bond requirement will be $50,000. Per the Illinois Secretary of State, "A vehicle "dealer" is any person engaged in the business of selling or dealing in, on consignment or otherwise, five or more vehicles during the year, or who acts as an intermediary, agent or broker for any licensed dealer or vehicle purchaser, or who represents or advertises that he/she is engaged in or intends to engage in such a business." All individuals that fall under the definition must be appropriately licensed and bonded.
The Secretary's Vehicle Services Section also advises, "Individuals applying for a used car dealer's license for the first time are required to attend an 8 hour training session provided by the Illinois Secretary of State's office. The training must be completed prior to a license being issued. The training will cover a variety of topics affecting dealerships, such as license requirements, applicable taxes and consumer protection laws." To register for training, applicants should contact Tonya Beard at (217) 785-2050. License application materials may be submitted to.
Illinois Secretary of State
Dealer/Remitter Licensing Section
501 S. Second St. Rm. 069
Springfield, IL 62756-7000
A renewal application is generally sent by the Secretary of State in August. The Division requests renewal submission no later than November 15 to insure processing before December 31st deadline. All licenses must be renewed by this date, at the same address as above.
The Illinois auto dealer bond is not only a guarantee of compliance with the laws that regulate motor vehicle sales. It is also a guarantee that the motor vehicle dealer will "faithfully collect and remit the title and registration fees and taxes that an Illinois vehicle dealer is required to collect and remit according to the Illinois Vehicle Code as now in effect or amended". Because of the financial guarantee provisions of the obligation a credit review is required to provide a quote.
Illinois surety bond leader, Surety One, Inc. is available for same-day issue and delivery of your new or renewal dealer bond request. Our special programs allow us to offer you bonding regardless of credit and financial condition. Do you operate in multiple states? No problem! We offer motor vehicle dealer bonds in all states. (Click here for our MVD bond guide.) We also offer certificate of title bonds and lien release bonds needed in the course of your dealership operations. Contact us at (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for further information about an Illinois motor vehicle dealer bond or other any other surety bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.