We offer the following surety bonds in the state of Michigan:
Those who are involved in the selling or aiding of someone to purchase a vehicle must post and maintain a $10,000 surety bond as part of their licensing requirement.
A varied bond amount is needed in order to verify the agency has been approved to offer good and qualified services, as well as protect the client should the collection agency do anything illegal or dishonest.
A first Mortgage Broker is required to purchase a $25,000 bond in order to become fully licensed and certified.
A first Mortgage Servicer must post a bond of $125,000 in order to ensure they are working under the policies and procedures required and regulated by the state.
A Mortgage Loan Originator must post a bond of $15,000 in order to ensure they are working under the policies and procedures required and regulated by the state.
The required bond amount of $10,000 certifies that the dealer conduct business in compliance with the state licensing requirements and in a non-fraudulent manner.