Michigan Wholesale Potato Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Wholesale Potato Dealers – Michigan
Michigan wholesale potato dealers are licensed and regulated by the state’s Department of Agriculture, Pesticide and Plant Pest Management.
As a condition of licensing, a wholesale potato dealer is required to furnish the department with a surety bond.
Michigan Wholesale Potato Dealer Bond: Amount Required
The amount of your Michigan wholesale potato dealer bond is between a $10,000 to $100,000 surety bond.
The amount is calculated as follows:
It will be double the following values, subject to the minimum and maximum surety bond amounts listed above:
- If you are a new business which has not done business in Michigan, what you estimate the amount of business will be annually;
- If you are a grower cooperative, the amount of surety bond required is the amount purchased or handled for nonmembers in the month from the prior calendar year in which the maximum amount of potatoes was purchased or handled;
- Everyone else, the amount of surety bond required is the amount in the prior calendar year in which the maximum volum of potatoes was purchased or handled.
The Surety Bond’s Cost and Duration
Typically, as a very broad general rule, applicants will pay about 1% of the bond’s amount; however, the final amount that you will pay will be determined by an application and a credit check.
AmeriPro Surety Bonds will will find you the fairest surety bond pricing.
The Michigan potato wholesale license expires on May 31st of each year; the bond is written to coincide with the license expiration. The premium for the bond may be prorated depending on when the bond is purchased.
The Purpose of this Surety Bond:
The purpose of this Michigan wholesale potato dealer bond is a financial guarantee which assures the people of the state of Michigan of the following:
- That you will observe all laws and statutes relating to your potato business;
- That you will make payments when due of the potatoes at the agreed upon purchase price;
- That you will make prompt payment of money owed to the state of Michigan when due;
- That you will make prompt payment to the person or persons who are owed money, less appropriate deductions. (Michigan Potato Wholesale Dealers Act, 290.458).
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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