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Non-Depository Sales Finance Company

A Non-Depository Sales Finance Company bond is required for businesses in Michigan that finance consumer purchases but don't accept deposits like banks do. This includes companies that provide auto loans, furniture financing, or similar installment payment plans. The State of Michigan requires this bond as a financial…

Bond amountVaries by license type or project
State or jurisdictionMichigan
ObligeeState of Michigan

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

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2323 yearsHelping clients and agents
Overview

What it is.

A Non-Depository Sales Finance Company bond is required for businesses in Michigan that finance consumer purchases but don't accept deposits like banks do. This includes companies that provide auto loans, furniture financing, or similar installment payment plans. The State of Michigan requires this bond as a financial…

Who usually needs it

Non-depository sales finance companies that provide consumer sales financing without accepting deposits (particularly those financing motor vehicle sales) and out-of-state depository institutions operating in Michigan need this bond. The bond is required as a licensure condition to ensure compliance with the Motor Vehicle Sales Finance Act 27 of 1950 and re…

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 depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

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Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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