Any person or entity engaged in the business of debt management, which includes planning and managing the financial affairs of a debtor and receiving money from the debtor for distribution to creditors. Required when: Applying for an initial license or renewing an existing license to engage in the business of debt man…
Overview
What it is.
Any person or entity engaged in the business of debt management, which includes planning and managing the financial affairs of a debtor and receiving money from the debtor for distribution to creditors. Required when: Applying for an initial license or renewing an existing license to engage in the business of debt man…
Who usually needs it
Any person or entity engaged in the business of debt management, which includes planning and managing the financial affairs of a debtor and receiving money from the debtor for distribution to creditors.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license 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. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
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 bond amount must equal or exceed the total amount of Michigan clients' fund…Term lengthContinuousObligeeMichigan Department of Insurance and Financial ServicesRenewalLicensees must file a renewal application before December 1 of each year, which includes submitting a surety bond (or evidence of its continuation) adjusted to the required amount based on trust account balances.Bond classLicense BondCategoryFinancial ServicesBondDebt Management Surety Bond for LicenseeStatutory referenceMCL 451.415JurisdictionState
