Illinois Oath and Bond -136 Sureties is a type of surety bond that is required by the state of Illinois. It is a guarantee that the individual or entity that is obtaining the surety bond will faithfully perform the duties assigned to them. The surety bond is a three-party agreement between the principal (the individual or entity obtaining the bond), the obliged (the entity that requires the bond), and the surety (the entity that provides the bond). The surety guarantees the obliged that the principal will fulfill the obligations outlined in the bond. The Illinois Oath and Bond-136 Surety is used in a variety of situations, such as when an individual is seeking a professional license or when an individual is acting as a fiduciary. There are two types of Illinois Oath and Bond -136 Sureties: the Individual Bond and the Corporate Bond. The Individual Bond is for individuals and the Corporate Bond is for businesses and organizations.
Illinois Oath and Bond -136 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.
Illinois law requires Notaries to purchase and maintain a surety bond for the duration of their 4-year commission.
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.
Public adjuster surety bond ? public adjusters in Illinois are required to post a $20,000 bond to protect their clients. A public adjuster bond ensures that all public adjusters in the state conduct themselves to the required professional standards.
A Surety Agreement Defined They differ from an insurance contract in that an insurance contract includes two entities (insurance provider and policyholder), whereas a surety bond involves three parties: the Principal, the Obligee and the Surety.
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.
Your Illinois Notary Surety Bond. Illinois law requires Notaries to purchase and maintain a surety bond for the duration of their 4-year commission.