Michigan Driver Education Provider Bond |
AmeriPro Surety Bonds | 844-589-9732
Driver Education – Michigan
Driver education providers in Michigan are licensed by the Michigan Secretary of State.
As a licensed driver education provider, you are required to obtain a surety bond. The amount of the surety bond required depends on the number of your students in the calendar year, or the type of driving school education provided.
Our surety agency provides the surety bond required as both a new and renewal bond.
Michigan Driver Education Provider Bond: Amount of Surety Bond Required
The Michigan driver education provider bond has a breakdowns which is as follows:
- If your school has 999 students or fewer, you are required to obtain a $20,000 surety bond;
- Driver education schools with 1000 or more students are required to obtain a $40,000 surety bond;
- Truck driver education schools are required to obtain a $50,000 surety bond.
Michigan Driver Education Provider Bond: Its Cost and Duration
The premium for the driver education provider bond will be determined by information provided by you on a surety bond application and your credit score.
AmeriPro Surety Bonds utilizes a soft credit pool which will not adversely affect your credit rating.
As a very broad general rule, applicants may typically expect to pay between 1-5% of the bond’s amount; those with higher credit scores paying about 1% annually.
Once issued, the bond is active for one year from the date of issuance and thereafter must be renewed. A continuous active surety bond must remain on file to be in compliance with the Secretary.
The Purpose of this Surety Bond
The purpose of this surety bond is to protect against wrongful acts.
The bond protects students, government agencies, and lending agencies from acts of fraud, theft, criminal malfeasance or misfeasance committed by a Michigan driver education provider or any employees of the same in their professional conduct which causes harm or loss (Section 256.629).
The existence of the bond allows these entities to file a claim against the bond in an attempt to recompense their loss.
As principal of this bond, it is your financial responsibility to reimburse the surety for all costs and fees 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 Michigan.
Our agency also provides surety bonds nationwide.
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