Any person or entity operating as a collection agency or repossession agency in Michigan. Required when: Required as a condition for obtaining and maintaining a collection agency license. Exemptions: Entities such as banks, trust companies, savings and loan associations, real estate brokers, and attorneys are generall…
Overview
What it is.
Any person or entity operating as a collection agency or repossession agency in Michigan. Required when: Required as a condition for obtaining and maintaining a collection agency license. Exemptions: Entities such as banks, trust companies, savings and loan associations, real estate brokers, and attorneys are generall…
Who usually needs it
Any person or entity operating as a collection agency or repossession agency in Michigan.
Pricing & timing
What to expect.
Generic pricing
Miscellaneous surety bonds cover a wide variety of obligations that don't fit neatly into other categories. Typical Pricing:. • Small bonds: May be available as flat-fee premiums starting around $100–$250. • Larger bonds: Commonly around 1–5% of the bond amount, though rates vary significantly by bond type. • Underwriting: Requirements vary — some bonds qualify for instant approval, others require full underwriting. Pricing varies significantly by the specific bond type, jurisdiction, and r…
Typical timeframe
Varies by bond type — contact for details
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 amountThe initial bond amount for a new collection agency is $5,000. For subsequent y…Term lengthContinuousObligeeMichigan Department of Licensing and Regulatory Affairs, Bureau of Professional LicensingRenewalThe bond must be maintained in force at all times. The bond amount is recalculated annually by the department based on the licensee's average monthly collections reported in the Annual Report of Business and Operations.Bond classMiscellaneous OtherCategoryFinancial ServicesBondCorporate surety or cash bondStatutory referenceMCL 339.907JurisdictionState
