Sec. 4-15. Bonding.
133 words·~1 min read·
/il/chapter-815/act-122/4-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4-15. Bonding.
(a)A person or entity engaged in making payday loans under this Act shall post a bond to the Department in the amount of $50,000 for each location where loans will be made, up to a maximum bond amount of $500,000.
(b)A bond posted under subsection
(a)must continue in effect for the period of licensure and for 3 additional years if the bond is still available. The bond must be available to pay damages and penalties to a consumer harmed by a violation of this Act.
(c)From time to time the Secretary may require a licensee to file a bond in an additional sum if the Secretary determines it to be necessary. In no case shall the bond be more than the outstanding liabilities of the licensee.