Illinois Administrative Code › Title 14 - COMMERCE › Part 177 - CREDIT SERVICES ORGANIZATIONS › ILLUSTRATION B - Services Organization Surety Bond

Current through Register Vol. 48, No. 28, July 12, 2024
STATE OF ILLINOIS
CREDIT SERVICES ORGANIZATION
$100,000 SURETY BOND
File with Secretary of State, Index
				Department, 111 East Monroe Street,
Springfield, IL 62756
(Required by Public Act 85-1384,
effective January 1, 1989)
Bond Number ______________________________
Premium $ ________________________________ Term
				________________
KNOW ALL PERSONS BY THESE PRESENTS:
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authorized to transact a general surety business in the State
				of Illinois, as surety, are held firmly bound unto the People of the State of
				Illinois in the penal sum of $100,000, for the payment of which, we bind
				ourselves, our heirs, executors, successors and assigns, jointly and severally,
				firmly by these presents.
The principal is engaged in the business of selling the
				services of a credit services organization within the meaning of the "Credit
				Services Organizations Act" (Public Act 85-1384, approved September 1, 1988,
				effective January 1, 1989) and is required to furnish a bond conditioned as
				herein set forth; and this bond is executed and tendered in accordance
				therewith.
The conditions of this obligation are that if the principal
				complies with the provisions of the "Credit Services Organizations Act" and
				does not damage any person by any violation of said Act then this obligation is
				to be void, otherwise it is to remain in full force and effect.
Any person damaged by any violation of the "Credit Services
				Organizations Act" may bring an action of law against the principal and surety
				on this bond in his or her own name to recover such damages.
The liability of surety for any claim arising under this bond
				shall not exceed the actual damages arising from principal's violation of the
				"Credit Services Organizations Act" and surety shall not be liable for the
				punitive damages permitted under Section 11 of the Act.
The aggregate liability of the surety on all claims whatsoever
				shall not exceed the amount of this bond.
This bond is executed by the surety to comply with the
				provisions of the "Credit Services Organizations Act" and said bond shall be
				subject to all of the terms and provisions thereof.
_______________________________
_______________________________
Name of Officer of Business
Name of Surety
_______________________________
_______________________________
Address
Address
This bond is executed under an unrevoked appointment or power
				of attorney.
I certify (or declare) under penalty of perjury under the laws
				of the State of Illinois that the foregoing is true and correct.
_______________________________
________________________________
Date
Signature of Attorney-In-Fact
________________________________
Printed or Typed Name of
						  Attorney-In-Fact
* * *
A credit services organization is required to continuously
				maintain a $100,000 surety bond. A bond shall also be maintained for a period
				of 2 years after the date that the organization ceases
				operations.