Michigan Proprietary School Bond
Michigan Proprietary School Bond Information
A Proprietary School Surety Bond is required in Michigan for those planning to open and operate a private trade school, business school, institute, or correspondence school under the provisions of Public Act 148 of 1943. The obligee, or requiring agency, for the surety bond is the Michigan Licensing and Regulatory Affairs Bureau of Commercial Services, Licensing Division Proprietary Schools Section. The amount of the surety bond required for each applicant varies and should be verified with the state prior to requesting a quote. This amount is based upon the total fees paid to the institution by the students who have not completed their courses. The surety bond covers any student suffering financial damages resulting from an inability to complete a course or program of study due to the institution closing.