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(205 ILCS 635/3-1) (from Ch. 17, par. 2323-1)
Sec. 3-1. Bonds of licensees.
(a) Every licensee, with respect to any person appointed or elected
to any position requiring the receipt of payment, management, or use of money
belonging to a residential mortgage licensee engaged in the activities of
originating, servicing, or purchasing mortgage loans or whose duties permit him
or her to have access to or custody of any of its money or securities or
custody of any money or securities belonging to third parties or whose duties
permit him or her regularly to make entries in the books or other records of a
licensee, shall, before assuming his or her duties, maintain a fidelity bond in
the amount of $100,000 by some fidelity insurance company licensed to do
business in this State.
(b) Each bond shall be for any loss the licensee may sustain in money or
other property through the commission of any dishonest or criminal act or
omission by any person required to be bonded, whether committed alone or in
concert with another. The bond shall be in the form and amount approved
by the Commissioner who may at any time require one or more additional
bonds. A true copy of every bond, including all riders and endorsements
executed subsequent to the effective date of the bond, shall be filed at
all times with the Commissioner. Each bond shall provide that a
cancellation thereof shall not become effective unless and until
30 days notice in writing first shall have been given to the Commissioner
unless he or she shall have approved the cancellation earlier.
If the Commissioner believes the licensee's business is being conducted in
an unsafe manner due to the lack of bonds or the inadequacy of bonds,
he or she may proceed against the licensee as provided for in Section 4-5.
(c) All licensees shall maintain a bond in accordance with this subsection.
Each bond shall be for the recovery of expenses, fines, or fees due to or
levied by the Commissioner in accordance with this Act. The bond shall be
payable when the licensee fails to comply with any provisions of this Act and
shall be in the form of a surety or licensure bond in the amount and form as
prescribed by the Commissioner pursuant to rules and regulations. The bond
shall be payable to the Office of Banks and Real Estate and shall be issued by some insurance company
authorized to do business in this State. A copy of the bond, including any and
all riders and endorsements executed subsequent to the effective date of the
bond, shall be placed on file with the Office of Banks and Real Estate within 10 days of the
execution thereof.
(d) The Commissioner may promulgate rules with respect to bonding
requirements for residential mortgage licensees and their mortgage loan originators that are
reasonable and necessary to accomplish the purposes of this Act.
(Source: P.A. 96-112, eff. 7-31-09.)
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