Any person, corporation, or firm conducting the business of a pawnbroker in Michigan Required when: Required before the issuance of a pawnbroker license Exemptions: Internet drop-off stores as defined in MCL 446.201 are exempt from the licensure and bond requirements of the Pawnbrokers Act.
Overview
What it is.
Any person, corporation, or firm conducting the business of a pawnbroker in Michigan Required when: Required before the issuance of a pawnbroker license Exemptions: Internet drop-off stores as defined in MCL 446.201 are exempt from the licensure and bond requirements of the Pawnbrokers Act.
Who usually needs it
Any person, corporation, or firm conducting the business of a pawnbroker in Michigan
Pricing & timing
What to expect.
Generic pricing
Miscellaneous commercial bonds cover a wide range of business obligations not fitting other categories. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Pricing varies by specific bond type and requirements. Some miscellaneous bonds may price higher depending o…
Typical timeframe
Credit-based approval — varies by bond type
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMIBond amount$3,000Term lengthAnnualObligeeLocal Governmental Unit (City, Village, Township, or County)RenewalThe pawnbroker license is valid for one year from the date of issuance; the bond must be executed and filed with the local governmental unit prior to each license issuance or renewal.Bond classMiscellaneous CommercialCategoryGovernmentBondbond to the governmental unitStatutory referenceMCL 446.202JurisdictionState
