MI consumer financial services bonds.
From $100. Enter your amount.

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, $100 minimum, the bond issues the moment you pay, and any credit screen is a soft pull only — it never affects your score.

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Required for a Consumer Financial Services Act license under MCL 487.2056

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At least $500,000 — one umbrella bond behind every activity the CFSA license covers

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1.5% of the bond amount, $100 minimum — exact price at the application

1.5% rate$100 minimumExactprice at the applicationSoft pullnever a hard inquiry

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How it works

Apply to filed in one sitting.

No quote round-trip — enter your amount, pay, and the executed bond goes out the same day. Here is the whole thing:

NOW · ONLINE

Apply online

Your business details, the bond amount your license requires, and an effective date — that is the entire application, and any credit screen is a soft pull that never shows as a hard inquiry.

INSTANTLY

Pay & e-sign

The premium is 1.5% 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.

SAME DAY

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.

About this bond

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.

MCL 487.2056Section 6 of the Consumer Financial Services Act requires a license applicant to furnish a surety bond or letter of credit of at least $500,000.00, payable to the commissioner for the benefit of the people of the state of Michigan, remaining for the duration of the licensure period. An applicant that intends to provide money transmission services instead files the bond amount determined under section 13(5)(b) of the Money Transmission Services Act.

You need this bond if you're

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Applying for a CFSA license — one license covering multiple regulated lending activities

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Consolidating separate licenses — installment sales, secondary mortgage, and check-sale activity under one umbrella

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Renewing your license — the bond must remain for the licensure period

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Reinstating a license whose bond lapsed

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 →

FAQ

Common questions.

How much is the Michigan consumer financial services bond?The premium is 1.5% of the bond amount, $100 minimum. The bond amount is at least $500,000 under MCL 487.2056 — so your exact price appears at the application, before you pay.

Which bond amount do I enter?The figure DIFS requires for your license — the statutory floor is $500,000. If your license includes money transmission services, the amount is instead determined under section 13(5)(b) of the Money Transmission Services Act.

Is there a credit check?If a credit screen runs on this bond, it is a soft pull only — never a hard inquiry, and it never affects your score. The rate stays 1.5% of the bond amount either way.

How fast will I have the bond?This bond is checkout-priced, so it issues the moment you pay — your e-signed bond and power of attorney arrive by email, ready to file with DIFS.

Who can claim against the bond?The commissioner, on behalf of installment buyers, check purchasers, money transmission customers, loan applicants, loan servicing customers, and borrowers under the acts the CFSA license covers — the bond is payable on the commissioner’s demand.

Related bonds

Other Michigan bonds.

CFSA licensee bond, issued today.

1.5% of the bond amount, $100 minimum, with your exact price at the application. Enter your required amount and file the same day.

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Your premiumfrom $100

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