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The Michigan Non-Depository Sales Finance Company and/or Out-of-State Depository Institutions surety bond is required by the Department of Insurance and Financial Services. The bond is required to be in the amount of $20,000 for the main office or $10,000 for a branch. The bond ensures that the bond holder will conform to and comply with each and every provision of Act No. 27, Public Acts of 1950 as amended.

Other Requirements

The application for a license must be made to the Director of the Department of Insurance and Financial Services. The following requirements must be submitted.

ALL SALES FINANCE COMPANY APPLICANTS:

Complete pages 1 and 2 of the application. Complete Confidential Background Consent Form (page 9 of application).

Non-Depository Institutions:

• Current Financial Statement
• Bond Requirement
  • Main Office – $20,000
  • Branch Office – $10,000
  • Licensees under the Mortgage Brokers, Lenders, and Servicers Licensing Act, the Secondary Mortgage Loan Act, or the Regulatory Loan Act – $5,000
  • Application fee. Make check payable to “State of Michigan.”
  • Main Office – $150.00
  • Branch Office (within the same state) – $75.00 each

Out-of-State Depository Institutions:

Bond Requirement

• Main Office – $20,000
• Branch Office – $10,000
• Application fee. Make check payable to “State of Michigan.”
• Main Office – $35.00
• Branch Office – $35.00 each

In-State Depository Institutions:

Bond Requirement

• Main Office – $20,000
• Branch Office – $10,000
• Application fee. Make check payable to “State of Michigan.”
• Main Office – $35.00
• Branch Office – $35.00 each

How do I obtain a Michigan Non-Depository Sales Finance Company 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.