The Michigan Deferred Presentment Service Provider Bond is required by the Office of Financial and Insurance Regulation. Deferred presentment is a service that is defined as a transaction pursuant to a written agreement involving a combination of activities in exchange for a fee. Such as, accepting a check dated on the date it was written; and holding the check for a period of time prior to presentment for payment or deposit.The bond ensures that the bond holder will conform to and comply with each and every provision of the act and all rules and regulations lawfully promulgated there-under by the Commissioner, Office of Financial and Insurance Regulation of State of Michigan. The bond amount is set at $50,000.
What are the requirements in order to be a Michigan Deferred Presentment Service Provider Bond?
In addition to the $50,000 surety bond, all applicants must submit a completed Application Form. You need to make sure that you answer all parts of the form correctly. You must also have a minimum net worth of $50,000 if you have 1-4 business locations, or $250,000 if you have more than 5 locations.
How do I obtain a Michigan Deferred Presentment Service 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.