The Michigan Sales Finance Company Bond is required by the State of Michigan, Department of Insurance and Financial Services. The required surety bond amount for both non depository institutions and depository institutions is $20,000 for main offices and $10,000 for branch offices
Only 1 place of business may be operated under the same license. A licensee may operate more than 1 place of business by filing for each additional place of business. A separate bond and license is required for each location within the state. However, for an installment seller only, if every place of business is conducted in 1 city under 1 name and all business records are continuously kept in 1 place, only 1 license is required for all places of business conducted in that city.
Renewing your license
The license renewal is required by June 30 of each year. If your renewal is not submitted to the Department of Insurance and Financial Services by June 30, you will have to re-apply for your license and provide a new Michigan Sales Finance Company Bond. Renewals are not available on the DIFS website. Renewals are sent electronically by DIFS in early to mid-April to the licensee’s contact email address on file with the DIFS. Renewals are required to be received by DIFS no later than June 30 of each year.
How to apply for Michigan Sales Finance Company Bond
At Surety1 we make it easy. Simply complete our easy to use, online application and within 1 business day one of our friendly agents will provide you with a firm quote. Then you pay the bond premium, sign an indemnity agreement and your Michigan Sales Finance Company Bond will be shipped to you. Overnight shipping is available
Surety1 has been an online provider of surety bonds nationwide since 2003. As an ASSURED PARTNERS agency, Surety1 has the resources and presence to provide all of your surety bond needs. Surety1 maintains a A+ rating from the Better Business Bureau and has thousands of happy customers. Contact $urety1 today at 877-654-2327 or [email protected].