How To Obtain A Surety Bond In Michigan
The Michigan Collection Agency Bond is a type of surety bond required to obtain a drove agency license in the state. The bond is a requirement of the Michigan Bureau of Professional Licensing. Article nine of Public Act 299 of 1980, as amended was created, to license and regulate collection agencies operating in Michigan. Commodity ix defines a collection agency as a person that is
directly engaged in collecting or attempting to collect a merits owed or due or asserted to be owed or due another, or, subject to subsection (2), repossessing or attempting to repossess a thing of value owed or due or asserted to be owed or due some other arising out of an expressed or implied agreement. Drove agency does not include a person whose collection activities are confined and are directly related to the functioning of a business organisation other than that of a collection agency.
Surety Bail
- Required by: Michigan Department of Licensing and Regulatory Affairs
- Minimum Bond Amount: $five,000
- Maximum Bond Amount: $50,000
- Continuous – Renewable
The Michigan Drove Agency Bond guarantees that the principle will abide by all Michigan state laws outlined in the State Michigan Legislature Department 339.901. The bond amount is determined past the Department of Licensing and Regulatory Affairs. Since this bail is continuous, information technology is in full strength and effect until cancelled. If the bail is cancelled, the obligee must be notified at least 30 days before the cancellation date.
The applicant should verify the bond corporeality with the obligee before applying for the bail to ensure the bond amount is correct.
Michigan Drove Agency License Requirements
Surety1 is not directly involved with the licensing process, but we've compiled this data which may helpful for you.
State licensing fees and requirements:
- Michigan Drove Agency Bail
- License application
- Supporting documents for awarding (listed on official page)
- Loftier schoolhouse diploma or G.E.D.
- At least eighteen years of age
- Passing score of PSI license exam
- Licensing fees
All licensing fees are required by the obligee, non the surety company. For more licensing information, visit: Michigan's regime website.
How to Obtain a Michigan Collection Agency Bail
At Surety1.com we make it like shooting fish in a barrel to obtain this surety bond. our simple iii footstep process is:
- Complete the easy to navigate and secure online application. 1
- Review the complimentary, no obligation quote from 1 of Surety1's professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Michigan Drove Agency Bond will be shipped to the applicant for the required original signature.
one – The proper name of the applicant on the surety bail application must match exactly the full legal business name of bidder for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
For a list of states that crave collection agency bonds, visit our collection agency guide page.
How to Get Your Michigan Drove Agency Bond
- Complete an online awarding. It'due south free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then y'all volition receive your Surety Bond!
If yous have any questions, please call u.s. at 877-654-2327.
How to Get Bonded
1. Employ Online
Using our Costless & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Canonical in ane-2 Business concern Days
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. Nosotros accept pride in our piece of work so that nosotros can give y'all great service. Larn more about Surety1.
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Source: https://surety1.com/bond_info/michigan-collection-agency-surety-bond/
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