Any person engaged in the business of providing deferred presentment service transactions (commonly known as payday loans). Required when: Required as a condition of obtaining and maintaining a license to provide deferred presentment services in Michigan. Exemptions: State or national banks,State or federal credit uni…
Overview
What it is.
Any person engaged in the business of providing deferred presentment service transactions (commonly known as payday loans). Required when: Required as a condition of obtaining and maintaining a license to provide deferred presentment services in Michigan. Exemptions: State or national banks,State or federal credit uni…
Who usually needs it
Any person engaged in the business of providing deferred presentment service transactions (commonly known as payday loans).
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 amount$50,000Term lengthAnnualObligeeMichigan Department of Insurance and Financial ServicesRenewalThe bond must be renewed or continued annually, typically coinciding with the license expiration on September 30. It may be continued for additional terms by suitable continuation certificates executed by the surety wit…Bond classLicense BondCategoryFinancial ServicesBondDeferred Presentment Service Provider BondStatutory referenceMCL 487.2134JurisdictionState
