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Michigan Debt Management Surety Bond For License

Michigan Debt Management Surety Bond For License

Name: Michigan Debt Management Surety Bond For License
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.67 (476 reviews)

Category:

Michigan Secretary of State - Blue Sky - Securities - Debt Management

State:

Michigan

Control #:

MI-FIS-0508

Format:

Instant download

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Public form

Description

Debt Management Surety Bond For License Michigan Debt Management Surety Bond For License is a form of financial guarantee required by the State of Michigan to protect the financial interests of consumers who hire debt management services. This surety bond ensures that debt management services will be performed in accordance with Michigan laws and regulations, and it also protects consumers from any potential financial loss due to fraudulent or dishonest activities. There are two types of Michigan Debt Management Surety Bond For License: the Certificate of Authority Surety Bond and the Renewal Surety Bond. The Certificate of Authority Surety Bond guarantees that the debt management service provider will comply with Michigan laws and regulations, and it must be renewed every two years. The Renewal Surety Bond is required when the Certificate of Authority Surety Bond has expired and must be renewed. Both types of surety bond must be issued by an authorized surety company and filed with the Michigan Department of Insurance and Financial Services.

Michigan Debt Management Surety Bond For License is a form of financial guarantee required by the State of Michigan to protect the financial interests of consumers who hire debt management services. This surety bond ensures that debt management services will be performed in accordance with Michigan laws and regulations, and it also protects consumers from any potential financial loss due to fraudulent or dishonest activities. There are two types of Michigan Debt Management Surety Bond For License: the Certificate of Authority Surety Bond and the Renewal Surety Bond. The Certificate of Authority Surety Bond guarantees that the debt management service provider will comply with Michigan laws and regulations, and it must be renewed every two years. The Renewal Surety Bond is required when the Certificate of Authority Surety Bond has expired and must be renewed. Both types of surety bond must be issued by an authorized surety company and filed with the Michigan Department of Insurance and Financial Services.

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A Vehicle Uniform Surety Bond (also known as a Bonded Title, Certificate of Title Bond, Defective Title Bond, or Lost Vehicle Title Bond) allows a vehicle, watercraft, or snowmobile owner to claim ownership and register the vehicle with the state of Michigan when a title has been lost, stolen or is missing.

Michigan notary surety bond costs are $30 for the state-required 6 or 7 year term. An errors and omissions insurance notary package is also available for $55. Including errors and omissions insurance with your bond ensures you are not held personally liable for mistakes made while notarizing documents.

Applicants for a notary public commission are required to obtain a $10,000 surety bond and file it at the office of the county clerk in the county where the applicant resides. The company from which you receive the surety bond must be licensed to do business in Michigan.

How much does a title bond cost in Michigan? Michigan title bond costs start at $100. The exact cost will vary depending on the vehicle type as well as surety bond amount required by the Michigan Secretary of State Vehicle Title Division. Bond amounts up to $6,000 cost just $100.

Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.

In the fiscal year of 2021, Michigan's state debt stood at about 36.53 billion U.S. dollars. By the fiscal year of 2027, this is forecasted to increase to about 49.67 billion U.S. dollars.

Call the business, general contractor, government agency, or county clerk you are required to file the bond with. Ask them for a list of three to five phone numbers of surety insurers that write bonds for businesses or occupations like yours. Access our Insurance Company Locator.

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Failure to complete and submit this form properly could result in denial, suspension or revocation of your license. Debt Management Services License.PreRequisites for License Applications. Debt management services providers should submit the completed bond form, including the power of attorney, electronically through the NMLS. Indiana requires debt management companies to purchase a surety bond as part of the application process to obtain a business license. Complete an online application. One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign. An Alabama debt management program surety bond for service providers is a form of financial security acceptabe to the state. Complete an online application. One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.

Michigan Debt Management Surety Bond For License

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