Besides other licensing requirements and fees, repossession agencies in Michigan must furnish the Department of Licensing and Regulatory Affairs, Bureau of Professional Licensing with evidence of a $10,000 surety bond.
AmeriPro Surety Bonds offers you this surety bond as either a new (first time) or renewal surety bond.
The premium for your $10,000 Michigan repossession agency bond will typically be between 1-5% of the bond’s face amount; however, we emphasize that the amount that you will pay will be determined by an application (which can be taken over the phone) and your credit score.
Therefore, the amount may vary.
AmeriPro Surety Bonds will source the best surety bond pricing on your behalf, particularly if your credit scores are lower.
Once issued, the bond is filed and is active for one year from the date of issuance.
An active, current surety bond must remain on file in order to remain in compliance with the Department and in order to keep your repossession agency license active.
The purpose of the Michigan repossession agency bond is to serve as a financial guarantee that your agency will be in compliance with all laws governing the repossession of good in the state.
Michigan repossession agencies are required to obtain a collection agency license and the bond amount of $10,000 is the “not less than $5,000 and nor more than $50,000 [surety bond]” amount required under statute Section 339.907.
The bond’s existence allows those people of the state of Michigan who can demonstrate damage or harm caused by the failure, negligence, or malfeasance of a licensed agency to recover losses.
As principal (that is, owner) of this surety bond, you are liable for any claims paid against your surety bond. This means that you would be required to reimburse the surety for all costs and fees paid against your 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.
Please call AmeriPro Surety Bonds today at:
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