A Michigan Information Purchaser Bond is a $25,000 financial guarantee required for businesses that buy personal information from Michigan state databases. This bond protects the State of Michigan and ensures that companies handle people's private data responsibly and follow all state laws about information privacy. I…
Overview
What it is.
A Michigan Information Purchaser Bond is a $25,000 financial guarantee required for businesses that buy personal information from Michigan state databases. This bond protects the State of Michigan and ensures that companies handle people's private data responsibly and follow all state laws about information privacy. I…
Who usually needs it
Information purchasers—individuals or companies that purchase and resell consumer information or data in Michigan, including entities seeking to purchase personal information such as vehicle registrations, driver's licenses, personal identification cardholders, snowmobile registrations, and other personal records from the Department of State. The bond ensur…
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$25,000ObligeeState of MichiganBond classLicense BondCategoryGovernmentBondMichigan Information Purchaser BondJurisdictionStatePlain descriptionA Michigan Information Purchaser Bond is a $25,000 financial guarantee required for businesses that buy personal information from Michigan state databases. This bond protects the State of Michigan and ensures that compa…Who needs this bondInformation purchasers—individuals or companies that purchase and resell consumer information or data in Michigan, including entities seeking to purchase personal information such as vehicle registrations, driver's lice…
