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Michigan Collection Agency Bond

Michigan Collection Agency Bond

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Who Requires the Collection Agency Bond and Why Is It Needed?

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 Will My Surety Bond Cost?

Some Michigan Collection Agency Bonds are offered completely online without a credit check or any paperwork. Surety Bonds Direct has access to the lowest bond prices available in the market for applicants with good credit and bad credit.

It only takes a couple minutes to provide us with the information required for a free, no-obligation quote. Or if you prefer, call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

List of Michigan surety bonds.

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