Illinois Energy Broker Bond
Deregulation of the energy markets over the past 20 years has created a new industry for Energy Brokers to sell/broker energy services through the use of competitive rates. Most states that permit the brokering of energy (gas and electricity) require licensed energy brokers to post a Surety Bond to guarantee their compliance with the underlying laws and statutes. What is a Surety Bond you ask? It is a third party guarantee to the state that in the event that the energy broker violates the laws and therefore the terms of the bond, the state can file a claim against the bond for financial loss or imposed fines.
The State of IL requires that all Licensed Energy Brokers secure and maintain a $5,000 Energy Broker License Bond in order to be licensed and transact business with the citizens of the state of Illinois.
The underwriters at A1SuretyBonds.com have simplified the process of securing your Energy Broker License Bond. Simply complete our online bond application to receive your free, no obligation quote today!
Who is required to post an Illinois (IL) Energy Broker bond?
When applying for an Illinois Energy Broker bond, perspective licensees should be aware of the contractual obligations and requirements they will need to comply with in order to avoid a possible bond claim.
Each state typically has their own bond form and thus each state requires a separate license, so brokers who want to operate in multiple states will be required to secure and post a bond in each state they work in.
By definition, an "Energy Broker" never has title to gas or electricity and acts as a middleman between the consumer and the energy supplier.
Do not confuse Energy Broker bonds with Utility Deposit Guarantee Bonds which are used to guarantee payment of utility services.
What does a Illinois (IL) Energy Broker bond cost?
As with most Commercial Surety Bonds, the cost is dependent upon the specific terms of the bond form and the personal credit of the applicant. The typical bond cost for an Energy Broker is between 1%-5% of the required bond amount. Applicants with good credit can expect to pay a lower rate than someone with poor credit.
Can I get a Illinos (IL) Energy Broker License Bond with Bad Credit?
We issue Illinois Energy Broker License Bonds for 99% of the applicants no matter what their credit report looks like! We have partnered with multiple surety companies to provide the lowest rates available. Our Bad Credit Surety Bond Program allows you to secure your bond and operate your business while your personal credit is on the mend.
Apply for your Illinois (IL) Energy Broker Bond today and let the experts at A1SuretyBonds get the lowest surety bond cost possible!