Michigan Collection Agency Bond Form
The Michigan Collection Agency Bond is a type of surety bond required to obtain a collection agency license in the state. The bond is a requirement of the Michigan Bureau of Professional Licensing. Article 9 of Public Act 299 of 1980, as amended was created, to license and regulate collection agencies operating in Michigan. Article 9 defines a collection agency as a person that is directly engaged in collecting or attempting to collect a claim owed or due or asserted to be owed or due another, or, subject to subsection (2), repossessing or attempting to repossess a thing of value owed or due or asserted to be owed or due another arising out of an expressed or implied agreement. Collection agency does not include a person whose collection activities are confined and are directly related to the operation of a business other than that of a collection agency.
- Required by: Michigan Department of Licensing and Regulatory Affairs
- Minimum Bond Amount: $5,000
- Maximum Bond Amount: $50,000
- Continuous – Renewable
The Michigan Collection Agency Bond guarantees that the principle will abide by all Michigan state laws outlined in the State Michigan Legislature Section 339.901. The bond amount is determined by the Department of Licensing and Regulatory Affairs. Since this bond is continuous, it is in full force and effect until cancelled. If the bond is cancelled, the obligee must be notified at least 30 days before the cancellation date.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Michigan Collection Agency License Requirements
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.
State licensing fees and requirements:
- Michigan Collection Agency Bond
- License application
- Supporting documents for application (listed on official page)
- High school diploma or G.E.D.
- At least 18 years of age
- Passing score of PSI license exam
- Licensing fees
All licensing fees are required by the obligee, not the surety company. For more licensing information, visit: Michigan’s government website.
How to Obtain a Michigan Collection Agency Bond
At Surety1.com we make it easy to obtain this surety bond. our simple three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Michigan Collection Agency Bond will be shipped to the applicant for the required original signature.
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
For a list of states that require collection agency bonds, visit our collection agency guide page.