Michigan consumer financial services bonds.
From $7,500.
The Michigan Consumer Financial Services Act lets one license cover multiple regulated lending businesses, and MCL 487.2056 requires the licensee to furnish a surety bond of at least $500,000, payable to the commissioner for the benefit of the people of Michigan. The premium is 1.5% of the bond amount.
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How much does a Michigan consumer financial services bond cost?
1.5% of the bond amount, from $7,500 at the $500,000 minimum. 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 $100,000.
Pay & e-sign
The premium is 1.5% of the bond amount — priced at checkout, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.
File with DIFS
Your executed bond arrives by email, ready to file with your Consumer Financial Services Act license at the Michigan Department of Insurance and Financial Services. Wet-ink original mailed on request.
What it is and who needs it.
What the CFSA bond covers
The Consumer Financial Services Act, 1988 PA 161, lets a Michigan company conduct several regulated financial services businesses — installment sales financing, secondary mortgage activity, check sales, and more — under a single class of license. MCL 487.2056 requires the licensee to furnish a surety bond or letter of credit of at least $500,000 to secure its obligations under the act.
The bond is payable to the commissioner for the benefit of the people of the state of Michigan. It becomes payable on demand if the licensee fails to conduct its business as the act and rules require, or fails to pay money due to installment buyers, check purchasers, loan applicants, loan servicing customers, borrowers, or the commissioner.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond must remain in place for the duration of the licensure period; 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 DIFS. Your executed bond arrives by email, ready to file with your Consumer Financial Services Act license at the Michigan Department of Insurance and Financial Services. Wet-ink original mailed on request.
What sets the price
The premium is 1.5% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $100,000. 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.
Other Michigan bonds.
Price and requirements checked on the carrier’s application, . Page updated .
CFSA licensee bond, issued today.
1.5% of the bond amount, with your exact price at the application. Enter your required amount and file the same day.