Michigan Collection Agency Surety Bond

Communicate With UsIM or Email

Bond Penalty: $5,000 to $50,000

Obtaining a Michigan Collection Agency Surety Bond is a critical step in the debt collector licensing process. This bond ensures that your agency complies with state regulations and offers financial protection to consumers against improper or unethical collection practices. The Michigan Department of Licensing and Regulatory Affairs (LARA) oversees collection agency licensing and bond compliance.

For new applicants, Michigan requires a $5,000 surety bond in the first year. After that, the required bond amount ranges from $5,000 to $50,000, depending on the agency’s average monthly collections as reported in its annual filing. This scalable requirement ensures that bond coverage is proportionate to the agency’s financial activity. Each licensed agency must also employ a qualified and licensed manager who is at least 18 years old, holds a high school diploma or equivalent, has a minimum of six months of full-time experience in collections, and has passed the Michigan Collection Agency Manager examination.Information about collection agency licensing and requirements may be directed to:

Michigan Department of Licensing and Regulatory Affairs
Bureau of Professional Licensing
P.O. Box 30670
Lansing, MI 48909
Phone: (517) 241-9288
Email: BPLHelp@michigan.gov

Michigan surety bond leader Surety One, Inc., is committed to supporting your business's compliance and success in Michigan's collection agency profession. The application process for obtaining a bond is simple. Only a simple commercial surety bond application is required. The bond, application for licensing and supporting materials are necessarily filed with the state regulator where the collection agency is domiciled. Most states now process application through Nationwide Multistate Licensing System & Registry (NMLS) however the underlying regulator is often the state department of insurance. We offer immediate approval of your collection agency bond request. Our special programs afford each applicant bonding capacity regardless of credit and/or financial condition. Operating in multiple states? No problem! We offer surety and fidelity bonds in all states. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a conversation with an underwriter (yes, a "real person", not a bot).

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

What We Need From You