Michigan Consumer Financial Services Class I License Bond

The Michigan Consumer Financial Services Class I License Bond is a type of surety bond and is required my the Michigan Department of Insurance and Financial Services. This license, also known as an omnibus license, is required in lieu of obtaining an individual license or registration under the financial licensing acts. The financial licensing acts include: The Regulatory Loan Act; The Secondary Mortgage Loan Act; The Motor Vehicle Sales Finance Act; The Money Transmission Services Act; The Mortgage Brokers, Lenders, and Servicers Licensing Act; and the Credit Card Act.

The license is administered by the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS.

Who Is Required to Have a Consumer Financial Services Class I License?

Any sole proprietor or company who, intends to engage in all of the activities permitted under any of the following financial licensing acts:

• Credit Card Arrangements Act
• Money Transmission Services Act
• Mortgage Brokers, Lenders, and Servicers Licensing Act
• Motor Vehicle Sales Finance Act
• Regulatory Loan Act
• Secondary Mortgage Loan Act

Any sole proprietor or company may apply for and obtain a Class I license and receive authority to conduct activities under this one license instead of applying for and receiving separate licenses or registrations under each statute as mentioned above. One requirement to obtain this license is a Michigan Consumer Financial Services Class I License Bond in the amount of $1,500,000. If approved by the surety, the cost of the surety bond will be a small percentage (1% to 3%) of the bond amount.

Cost of the License

MI License/Registration Fee: $6,950
MI Application Fee: $1,050
NMLS Initial Processing Fee: $100

Plus the cost of the surety bond. The surety bond will be an annual fee.

For more licensing information visit the NMLS License check list .

How to Obtain a Michigan Consumer Financial Services Class I License Bond

Given the size of the bond requirement, in addition to a completed application, additional financial disclosures will be required by the surety. The process is:

1. Complete our easy to navigate and secure online application.
2. Usually within 1 business day, one of our surety bond professional agents will contact you to discuss the additional information required to provide a firm quote for the bond.
3. Review the free, no obligation quote for the bond
4. Sign some paperwork and make payment (Major credit cards and ACH are available forms of payment)

Once these steps have been completed, the Michigan Consumer Financial Services Class I License Bond will be filed electronically with the NMLS.

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