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Michigan
Consumer Financial Services Bond

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Coverage Amount: $500,000 - $1,500,000
Term Length: 1 year
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Michigan Consumer Financial Services Bond Guide

If you’re applying for a consumer financial services company license in Michigan, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To repay any consumer harmed by a financial service provider’s misconduct
  • Who Needs It: Class I and Class II consumer financial services licensees
  • Regulating Body: The Michigan DIFS, Consumer Finance Section
  • Required Coverage: $500,000–$1,500,000
  • Premium Rate: 1–10%, credit-based

Learn all about the bond requirements and process in this guide. 

What Is a Michigan Consumer Financial Services Bond?

A Michigan consumer financial services bond ensures that Class I and Class II licensees uphold the Michigan Money Transmission Services Act. 

This protects the state and consumers from any potential financial damages related to the financial services.

Which Bond Amount Do I Need?

You’ll need a $500,000 bond if you conduct money transmission activities with 50 or less locations/delegates and are applying for a Class II license.

If you operate with more than 50 locations or delegates or are applying for a Class I license, you’ll need a $1,500,000 bond.

How Much Do Consumer Financial Services Bonds Cost?

Michigan consumer financial services bonds cost a small percentage of the required coverage amount, typically 1–10%.


Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type
$500,000Consumer Financial Services BondClass II and conducts money transmission activities with 50 or less locations/delegates
$1,500,000Consumer Financial Services BondClass I or Class II and conducts money transmission activities with more than 50 locations/delegates

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Consumer Financial Services Bond? 

The Michigan DIFS, Consumer Finance Section requires this bond as part of the licensing process for consumer financial services company owners in the state.  

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Michigan consumer financial services bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll upload the bond directly to NMLS on your behalf. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a Michigan Consumer Financial Services Bond Work? 

A consumer financial services bond creates a legal contract between these three parties: 

  1. Principal: You, the consumer financial services company owner filing the bond
  2. Obligee: The Michigan DIFS, Consumer Finance Section requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of The Consumer Financial Services Act 161. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your consumer financial services bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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