The Michigan Debt Management Bond is required by the Office of Financial and Insurance Regulation. The bond amount can range from $25,000 to $100,000, but the final amount is determined by the Office of Financial and Insurance Regulation. The bond guarantees that the bondholder will faithfully account for all money collected upon accounts entrusted to him and his employees and agents.
What are the requirements in order to have a Debt Management License?
The following must be submitted:
- Completed Debt Management Application Form
- Articles of Incorporation, Organization or Partnership Agreement, if needed
- Credit report of the firm
- Budget analysis
- Debt management contract
- Creditor agreement forms
- Payment for all fees found at this Fee Schedule
- Certificate of Authority to conduct business in Michigan
How do I obtain a Michigan Debt Management Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.