Section 14(4) of the Deferred Presentment Service Transactions Act, 2005 PA 244, MCL 487.2134(4), requires a licensee to furnish a $50,000.00 surety bond to secure the performance of its obligations, issued by a bonding company or insurance company authorized to do business in this state and in a form satisfactory to the commissioner; if one person owns 20% or more of the ownership interest in two or more licensees, that commonly-owned group is obligated to furnish only one $50,000.00 bond. Related sections matter to the filing: MCL 487.2131 requires a separate license for each location, MCL 487.2132(a) requires net worth of at least $50,000.00 per licensed location subject to a $250,000.00 cap, MCL 487.2139 expires the license on September 30 each year with the renewal application due on or before August 1, and MCL 487.2153 caps a single transaction at $600.00 with a service fee of 15% of the first $100.00, 14% of the second, 13% of the third, 12% of the fourth, and 11% of the fifth and sixth. Regulation sits with the Department of Insurance and Financial Services, successor to the office named in the 2005 act.

What the deferred presentment bond actually guarantees

You need this bond if you are

Your deferred presentment bond is in process. Most issue right after purchase; a larger penal sum can draw a short underwriter review first. Either way the executed bond arrives by email, ready to file with your DIFS license application or renewal.

1.5% of the bond amount, $100 minimum: the $50,000 MI deferred presentment (payday lender) bond required under MCL 487.2134(4) and filed with DIFS. Apply now.

Deferred Presentment Service Provider Bond ($50,000)

Michigan - Deferred Presentment Service Provider

Final premium can vary based on underwriting factors

How this works?

If you are a non profit select Corporation

All future bond correspondence and renewals will be sent to this address

Clear pricing.Instant issuance.