Any person or business entity providing money transmission services in Michigan, including selling or issuing payment instruments or stored value, or receiving money for transmission. Required when: At the time of filing an application for a license under the Money Transmission Services Act. Exemptions: The United Sta…
Overview
What it is.
Any person or business entity providing money transmission services in Michigan, including selling or issuing payment instruments or stored value, or receiving money for transmission. Required when: At the time of filing an application for a license under the Money Transmission Services Act. Exemptions: The United Sta…
Who usually needs it
Any person or business entity providing money transmission services in Michigan, including selling or issuing payment instruments or stored value, or receiving money for transmission.
Pricing & timing
What to expect.
Generic pricing
Miscellaneous commercial bonds cover a wide range of business obligations not fitting other categories. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger 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. Pricing varies by specific bond type and requirements. Some miscellaneous bonds may price higher depending o…
Typical timeframe
Credit-based approval — varies by bond type
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$500,000Term lengthContinuousObligeeMichigan Department of Insurance and Financial Services (DIFS)RenewalThe bond must be maintained as long as the license is active. Licenses are renewed annually through the Nationwide Multistate Licensing System (NMLS) between November 1 and December 31.Bond classMiscellaneous CommercialCategoryFinancial ServicesBondSurety BondStatutory referenceMichigan Compiled Laws Section 487.1013JurisdictionState
