Michigan collection agency bonds, corporation or LLC.
From $100.
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A licensed Michigan collection agency must file a corporate surety bond under MCL 339.907, and the state sets the amount between $5,000 and $50,000. This is the corporation/LLC version of the bond. The premium is 1% of the bond amount, $100 minimum.
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How much does a Michigan collection agency bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No quote round-trip — enter your amount, pay, and the executed bond goes out the same day. Here is the whole thing:
Apply online
Your business details, the bond amount your license requires, and an effective date — that is the application. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Pay & e-sign
The premium is 1% of the bond amount, $100 minimum — priced at checkout, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.
File with your license
Your executed bond arrives by email, ready to file with your Michigan collection agency license application or renewal. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Michigan licenses collection agencies under Article 9 of the Occupational Code, 1980 PA 299, and MCL 339.907 requires each licensee to file a corporate surety or cash bond. The state sets the amount it considers necessary — not less than $5,000 and not more than $50,000.
The bond runs for the benefit of a person damaged by the wrongful taking of money collected by the agency or the failure of the agency to report or remit proceeds — it is conditioned on the faithful accounting of all money collected on accounts entrusted to the agency, and injured parties can sue on it, with the surety’s aggregate liability capped at the bond amount.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond has to stay continuously on file with your license; we track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with your license. Your executed bond arrives by email, ready to file with your Michigan collection agency license application or renewal. Wet-ink original mailed on request.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
Submit the application with the bond amount your license requires — the executed bond is generated the moment you pay, ready to file.
Start the application →Common questions.
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The same bond in nearby states.
Price and requirements checked on the carrier’s application, . Page updated .
Collection agency bond, issued today.
1% of the bond amount, $100 minimum, with your exact price at the application. Enter your required amount and file the same day.