What is an Illinois Commercial Driver Training School Bond?
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It is the responsibility of the person applying for a commercial driver training school license to obtain a surety bond.
The purpose of the surety bond is to ensure the compliance of the commercial driver training school with the relevant regulations and laws of the state while performing its obligations. This includes formally educating the students regarding the driving of motor vehicles.
A commercial driver training school can also help students prepare for a driver’s license or permit examination.
If any person is harmed due to the licensee’s non-compliance to the provisions of Title 92, Chapter II, Part 1060 of the Administrative Code of the State of Illinois, the said person will be eligible to file for a bond claim.
What is the Commercial Driver Training School Bond amount?
Non-accredited Licensed Commercial Driver Training School – $10,000
Accredited Licensed Commercial Driver Training School – $40,000
CDL or Teenage Accredited Licensed Commercial Driver Training School (3 or more licensed branches) – $50,000
CDL and Teenage Accredited Teenage Accredited Licensed Commercial Driver Training School – $60,000
CDL and Teenage Accredited Teenage Accredited Licensed Commercial Driver Training School (3 or more licensed branches) – $70,000
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
How can I get a Commercial Driver Training School Bond?
To secure this type of bond, the license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The Surety who will issue the bond should be authorized to conduct business in the State of Illinois
- The surety bond should be made payable to the People of the State of Illinois
- The licensee is obligated to obey the provisions of Title 92, Chapter II, Part 1060 of the Administrative Code of the State of Illinois, as well as the rules and regulations of the Department of Driver Services within the Office of the Secretary of State
- If the licensee commits a violation, the aggrieved party will be eligible to file a bond claim