Michigan Collection Agency Bonds
Michigan Collection Agency Bond Information
A Collection Agency Surety Bond is a type of surety bond that must be furnished by those desiring to act as a collection agency licensed by the State of Michigan under The Occupational Code, Public Act 299. The Code requires all Michigan collection agencies to file and maintain in force a corporate surety or cash bond ensuring proper accounting of all funds collected on accounts entrusted to the licensee in a form set forth by the Michigan Department of Licensing and Regulatory Affairs. The surety bond is written for the benefit of anyone financially damaged by the wrongful acts by the collection agency including theft of client funds or failure to report or remit proceeds of collections made.
How Much Does a Collection Agency Bond Cost in Michigan?
Bonds up to $25,000
1% of the Bond Amount
Bonds over $25,000