The Illinois Residential Mortgage License Act requires mortgage broker licensees to maintain a surety bond in what minimum amount?
Correct Answer
A) $25,000
Illinois requires mortgage brokers to maintain a minimum surety bond of $25,000 as a condition of licensure. This bond protects consumers against losses caused by the broker's violations of the Act.
Why This Is the Correct Answer
Illinois requires mortgage brokers to maintain a minimum surety bond of $25,000 as a condition of licensure. This bond protects consumers against losses caused by the broker's violations of the Act.
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