What is an Illinois Community or Ambulatory Currency Exchange Bond?
Start your currency exchange business through this surety bond!
Given the amount of money involved, the owner is expected to adhere to the regulations and statutory laws for both Community Currency Exchange and Ambulatory Currency Exchange businesses.
And that includes acquiring a surety bond.
A surety bond is required to obtain a license.
The Illinois Department of Financial and Professional Regulation requires a surety bond to cover any potential liability that the Community Currency Exchange or Ambulatory Currency Exchange businesses might incur in relation to providing the following services:
- Cash checks, drafts, money orders
- Sell or issue money orders
The surety bond will be for the benefit of the creditors of the Community Currency Exchange and Ambulatory Currency Exchange businesses. A violation committed by the licensee will be a ground for a bond claim.
A Community Currency Exchange is a person or business entity that cash checks, drafts, money orders, as well as issue or sell money orders to the community.
An Ambulatory Currency Exchange, on the other hand, provides the same services to its employees only.
What is the Community or Ambulatory Currency Exchange Bond?
$25,000 – the bond amount per Community Currency Exchange location. The maximum bond amount is $350,000.
$100,000 – Ambulatory Currency Exchange
If you have an excellent credit score, you will be eligible to pay for a low bond premium or just 1% of the bond amount!
How can I get a Community or Ambulatory Currency Exchange Bond?
You can easily get one by simply applying for this surety bond! Here’s a step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we have received your application, we will inform you about the important information or documents that you must submit to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It is important to provide us with clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that is finished, we will immediately send the bond to you!
What are the surety bond conditions?
- The surety bond should be issued by a Surety that is authorized to do business in Illinois
- Community Currency Exchange Bond Obligee – Director of Financial Institutions of the State of Illinois Ambulatory Currency Exchange Bond Obligee – Secretary of Financial and Professional Regulation
- The licensee must obey the provisions of the Currency Exchange Act, as well as the rules and regulations of the Illinois Department of Financial and Professional Regulation
- If the licensee commits a violation, the Obligee will file a claim against the bond