How Much Does a Residential Mortgage License Bond Cost in Illinois?
Bonds up to $150,000
$25,000 Bond
1-Year Bond
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What Does a Residential Mortgage License Bond Protect Against?
The bond requires that the bonded principal comply with the provisions of the Residential Mortgage License Act of 1987, and all amendments, all rules and regulations promulgated thereunder, and all other laws applicable to the conduct of the licensee and all of its mortgage loan originators, and shall pay to the Illinois Department of Financial and Professional Regulation and to any such person or persons any and all monies that may become due or owing and satisfy all loss, damage and liability suffered by or owing with the principal on account of violations by the licensee and all of its mortgage loan originators of any such laws, amendments and rules and regulations.