Illinois Currency Exchange Bond
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How Much Do Illinois Currency Exchange Bonds Cost?
The Illinois Department of Financial and Professional Regulation (DBPR) requires all licensed currency exchanges to file a $25,000 surety bond for each location up to a total amount of $350,000. Premium rates are determined through underwriting. You can expect to pay a small percentage of the total bond coverage amount based on credit score. Get a free quote now!
How Do Currency Exchange Bonds Work?
Under the Currency Exchange Act, Illinois currency exchanges must be bonded to protect creditors from liability incurred by the currency exchange on any money orders issued or sold. The bond also makes the currency exchange liable for any sum due to a payee or endorsee of a check, draft, or money order that is left with them in the course of business.
These bonds protect the public and do not cover liabilities incurred by a currency exchange for its own account. If a currency exchange acts unethically or unlawfully and causes financial harm, a claim may be filed up to the total bond amount. The surety will pay out valid claims to the harmed party which the principal is then responsible for reimbursing.
If you are applying for a money transmitter license, please visit our Illinois Money Transmitter Bond page instead.
When Do I Renew My Illinois Currency Exchange Bond?
Currency exchange bonds and licenses are both issued on a one-year term. However, the bond must expire on April 30 with the license expiring December 31 of the same year. Since the bond and license do not expire on the same date, it is important to be aware of both dates to avoid any potential lapses in coverage. We'll contact you 90 days in advance to make sure your bond is renewed in time.
How to Get a Currency Exchange License in Illinois
In addition to the the surety bond, all potential currency exchange licensees in Illinois must submit the following:
- An application
- A financial statement and questionnaire for each individual involved in the exchange as an owner, officer, or director
- A nonrefundable $1,000 fee payable to the Department of Financial Institutions
- A narrative personal credit report from a recognized credit bureau
Get an affordable quote on your Illinois currency exchange bond when you work with SuretyBonds.com.
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