Form I221 Credit Services Organization $100,000 Surety Bond - Illinois

What Is Form I221?

This is a legal form that was released by the Illinois Secretary of State - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form I221?
A: Form I221 is a Credit Services Organization $100,000 Surety Bond.

Q: What is a Credit Services Organization?
A: A Credit Services Organization is a business that offers services to help consumers improve their credit scores or obtain credit.

Q: What is a Surety Bond?
A: A Surety Bond is a type of insurance that provides financial protection to consumers in case the Credit Services Organization fails to fulfill their obligations.

Q: Who requires the Form I221 Surety Bond in Illinois?
A: The State of Illinois requires Credit Services Organizations to obtain a $100,000 Surety Bond as a condition of their licensing.

Q: Why is the Surety Bond amount set at $100,000?
A: The $100,000 Surety Bond amount provides sufficient financial protection for consumers in case of any fraudulent or deceptive practices by Credit Services Organizations.

Q: How can a Credit Services Organization obtain the Form I221 Surety Bond?
A: A Credit Services Organization can obtain the Form I221 Surety Bond from a licensed surety bond company.