Michigan cosmetology schools are licensed by the LARA (Licensing and Regulatory Affairs). As one of the of the prerequisites for licensing, a cosmetology school operating in Michigan must furnish evidence of a $10,000 surety bond.
AmeriPro Surety Bonds provides the Michigan cosmetology surety bond for both first time and renewal applicants.
While the cosmetology school surety bond is required of you as a condition of licensing, its benefit is for your students.
The bond is a financial guarantee, again, on behalf of your students, that a cosmetology school will be in compliance with all contractual arrangements with students.
This surety bond’s existence allows a student who can demonstrate harm to recoup losses.
As principal of this bond, however, you ultimately shoulder all financial responsibility for this surety bond.
In this case, that means that you are responsible to reimburse the surety for all costs and fees involved if a claim were ever to be paid against your bond.
Applicants for the $10,000 Michigan cosmetology school bond will typically pay an amount that is about 1% or several percentage points.
The amount required will be determined by information provided on a surety bond application and your credit score. Our agency utilizes a soft pool credit check which will have no adverse affect on credit scoring.
Once issued, the cosmetology school bond is active for one year and thereafter must be renewed. An active surety bond must remain on file with LARA as a condition for ongoing school operations.
AmeriPro Surety Bonds is a surety bonds only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
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