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Popular Surety Bonds in Illinois
Notary Surety Bond in Illinois
To perform traditional or online notarizations in Illinois, you must post and maintain a $5,000 bond during your four-year commission. The cost is $100.
Illinois Vehicle Title Surety Bond
In Illinois, a bonded title is a regular car title with a surety bond attached. You might need this type of title if you never received the original when you purchased your car. This is a three-year bond.
Illinois Auto Dealer Surety Bond
Each physical dealership in the state of Illinois must post a surety bond as part of the state dealer’s licensing application process. The bond amount varies.
Contractor License Bonds
Under Illinois law, only licensed plumbing and roofing contractors must obtain an Illinois contractor license bond. Other contractors may be subject to licensing and bonding requirements at the local level.
Appraisal Management Company Bond
Real estate appraisers must post a $25,000 surety bond, renewed annually, ensuring payment of taxes and other applicable fees to the Illinois Department of Financial and Professional Regulation.
Insurance Producer Bond
The Illinois Department of Insurance requires insurance producers to post a surety bond to protect consumers (amounts may range from $2,500 to $50,000).
Find Your Illinois Surety Bond
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How much does a surety bond in Illinois cost?
The cost of a bond can vary based on a few different factors, including the type of bond, the amount required, and your credit score and finances. Your bond premium will be a small percentage of the total bond amount – typically 1-10%. Generally, the stronger your credit score, the lower your rate will be. In some cases, however, we don’t even need to run your credit. Some bonds can be issued instantly at a flat rate.
State of Illinois Surety Bond Requirements
Various businesses, contractors, and other professionals will need surety bonds to operate legally in Illinois. Many professions that require state, county, or city licenses will also require surety bonds. Here are some examples:
- You may need construction bonds to work as a contractor.
- You may need a license or permit bond to operate a professional business.
- Or you may need a court bond to fulfill your duties as a fiduciary.
Call ZipBonds to get bonded today!
We’ll help you find the bond you need, complete the application, and be off and running. Call us at (888) 435-4191, or email support@zipbonds.com. We also have live chat on our website during regular business hours. Reach out any time!
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.