Michigan Sales Finance Company Bond
What is a Michigan Sales Finance Company Bond?
A Sales Finance Company Bond is a type of surety bond required by Michigan non-depository sales finance companies and out-of-state depository institutions seeking a license or currently licensed by the Director, Department of to engage in the business of a Sales Finance Company under the provisions of Act No. 27, Public Acts of 1950, Extra Session, as amended. This surety bond guarantees that the bonded principal will conform to and comply with the provisions of the aforementioned Act and all rules and regulations set forth by the Director, Department of Insurance and Financial Services of the State of Michigan. Further, the bond ensures payment of all monies owing to the state or any person pursuant to the provisions of the Act.