In addition to the Mobile home dealer surety bond required of dealerships, you may also be required to obtain a surety bond for consumer deposits.
AmeriPro Surety Bonds offers both types, as a first time and renewal surety bond, as required by state law.
According to Michigan state law, Section 125.2324 the amount of the of surety bond required of mobile home dealers is “...in an amount acceptable to the commission.”
As a practical matter, the minimum amount of surety bond required will be $10,000.
Statutes don’t provide a maximum amount; however, the commission will inform you of the amount of surety bond that you require and our agency will facilitate obtaining that amount for your company.
The amount that you will have to pay for the issuance of this surety bond will be determined by the amount of the surety bond you require, an application and your credit score.
As a very broad general rule, applicants for the Michigan mobile home consumer deposit bond will typically pay around 2% of the bond’s face amount; however, the amount that you will be required to pay may vary from this general statement.
Once issued, this surety bond is active for one year, and must be renewed to remain in compliance with state law.
Whereas the mobile home dealer bond protects the state for the collection of sales and use taxes, the Michigan mobile home dealer consumer deposit bond is for the protection of your customers.
The bond is a financial guarantee for your customers that the deposits collected from them will be used as agreed and contracted.
The consumer deposit surety bond, therefore, while required of your company, is solely for the benefit of your customers.
That having been stated, it is also important to point out, that as principal for this surety bond, you will ultimately should the responsibility for any costs and fees to the surety, should a claim ever be paid against your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout all of Michigan.
Our agency also provides surety bonds nationwide.
Please call AmeriPro Surety Bonds today at:
Or, you may fill out our form below and an agent will contact you.