The most frequent problem encountered in registering as a loan broker
has been the acquisition of the required bond. The bond must be to the State of Illinois in the amount of $25,000.00. It can be acquired through any insurance company authorized to do business in the State of Illinois. Another concern that prompts frequent questions is the disclosure statement required by Section 15-30 of the Act. A disclosure statement must be provided to each borrower that does not qualify for the exemption at Section 15-30.5 of the Act. Examples of the disclosure required can be found at Section 145.303 of the Rules. The specific requirements for the disclosure can be found at Section 15-30 of the Loan Brokers Act of 1995 and the attendant rules which are available at this Web Site.
DISCLAIMER
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.
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