Who requires it
Illinois Secretary of State
License & permit · Illinois
Illinois Credit Services Organization Bond
An Illinois credit services organization that charges consumers before completing contracted services must maintain a one-hundred-thousand-dollar surety bond under 815 ILCS 605/10 and register with the Secretary of State under § 605/5. The bond is filed on SOS Form I-220 and must remain in place for two years after the organization ceases to do business in Illinois.
Common bond amount
$100,000
Required when charging before completing services; maintain two years after ceasing Illinois business.
How you file
File SOS Form I-220 with the Secretary of State
Renewal
Keep while operating plus two years after cease; replace before cancellation
Who requires it
Credit services organizations that take payment before finishing the services described in the Credit Services Organisations Act. Organizations that do not charge in advance should confirm with the Secretary of State whether the bond trigger still applies to their fee model before skipping the filing.
How much is required
Section 605/10 sets a fixed one-hundred-thousand-dollar surety bond when the organization charges before completing services. The Act also describes a trust-account alternative; this guide focuses on the surety path used with Form I-220. The amount does not scale with the number of clients.
How to get and file it
Have an authorized surety complete Secretary of State Form I-220 for one hundred thousand dollars in the exact legal name used in the CSO registration, then file the bond with the SOS registration materials required under 815 ILCS 605/5. Keep the bond in force while operating and for two years after the organization ceases Illinois credit-services activity. Replace the bond before cancellation so the statutory maintenance period is never broken, and update the filing when the registered name changes.
Cost note
One hundred thousand dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Required amount
- $100,000 surety bond when charging before services are complete
- Form
- Secretary of State Form I-220
- Authority
- 815 ILCS 605/5 and 605/10
- Post-cease maintenance
- Keep the bond for two years after ending Illinois operations
Official sources
Related resources
Frequently asked questions
When is the $100,000 CSO bond required?
Under § 605/10, the bond applies when the credit services organization charges the buyer before completing the services. Confirm your fee timing with counsel or the Secretary of State if you use staged or success-based pricing.
How long must the bond stay in place after I close?
The Act requires the bond to be maintained for two years after the organization ceases to do business in Illinois. Do not cancel immediately on the last day of operations.
Related Illinois bond guides
Collection Agency Bond
$25,000
Illinois collection agencies licensed under the Collection Agency Act must maintain a twenty-five-thousand-dollar continuous surety bond under 205 ILCS 740/8. The bond may not be cancelled without at least sixty days’ notice. Debt buyers collecting only accounts they own are outside this bond requirement. The Act remains in force after Senate Bill 2457 removed the former sunset; it was not repealed.
Mortgage Broker & Banker Bond
$25,000–$150,000
Illinois residential mortgage brokers and mortgage bankers file a surety bond on the same volume-based schedule in 38 Ill. Adm. Code 1050.490, ranging from twenty-five thousand to one hundred fifty thousand dollars. Exempt independent loan processing entities use a flat fifty-thousand-dollar amount. Bonds for these company licenses are filed electronically through NMLS as IDFPR Residential Finance instructs.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Illinois application
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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