{"data":{"id":"us-il/815-ilcs-122-4-15","jurisdiction":"us-il","citation":"815 ILCS 122/4-15","heading":"Bonding.","body":"(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.\n(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.\n(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.","path":["CHAPTER 815 BUSINESS TRANSACTIONS","Payday Loan Reform Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2697\u0026ChapterID=67\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"a028e0e8a50a0ab7569dbcf70f28a465cd6636f25ba8eb5fcdfa44d0bf6fcbaa","source_id":"us-il","stale":false,"prev":"us-il/815-ilcs-122-4-10","next":"us-il/815-ilcs-122-4-20"},"notice":"GroundRules: Original legal text. Not legal advice."}