The Illinois Oath and Bond of Representative-Surety is a legal document that is used to guarantee that an individual or business will fulfill their obligations as a representative-surety. It ensures that an individual or business will act in good faith and with integrity in their dealings as a representative-surety. The document includes an oath that must be taken by the representative-surety, as well as a bond agreement between the representative-surety and the state of Illinois. The bond agreement sets out the terms of the agreement and the amount of the bond that must be paid in the event that the representative-surety does not fulfill their obligations. There are two types of Illinois Oath and Bond of Representative-Surety: a general bond and a fidelity bond. A general bond is a legal agreement that is used to protect the state from any potential losses as a result of an individual or business failing to fulfill their obligations as a representative-surety. A fidelity bond is a legal agreement that is used to protect the state from any potential losses as a result of fraudulent or dishonest activities conducted by an individual or business acting as a representative-surety.
Illinois Oath and Bond Of Representative-Surety
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The first step to getting an Illinois surety bond is to apply for your bond. Not everyone can get approved for a bond, so this is the first step to getting bonded. Most companies all you to apply for your bond online. You can apply for a bond at your local insurance agency, or a specialized surety bond company.
Your Illinois Notary Surety Bond. Illinois law requires Notaries to purchase and maintain a surety bond for the duration of their 4-year commission.
The main difference between a cash bond and a surety bond is the number of parties involved. Cash bonds only involve two parties, you and the owner. In a surety bond, there is a third party, the surety company. The term surety refers to any party that guarantees the payment of a debt or performance of a contract.
Most Popular Surety Bonds in Illinois You'll need to post a $50,000 bond to get your car dealer license from the Illinois Secretary of State. Roofing contractors in Illinois need a $10,000 or $25,000 bond, while plumbers need a $20,000 bond.
Surety Bond Requirements in IL You must have a proper surety bond in place if you are an appraisal management company (AMC), motor vehicle dealer, plumbing contractor, roofing contractor, or residential mortgage broker. Most Illinois surety bonds have a fixed liability amount, while some vary.
Illinois title bond amounts must be 1.5 times the vehicle's appraised value. The Secretary of State will provide the exact bond amount required.