Michigan
Debt Management License Bond

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Coverage Amount: $25,000 - $100,000
Term Length: 1 year
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Michigan Debt Management License Bond Guide

If you’re applying for a debt management license in Michigan, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To protect consumers from unfair or deceptive debt management practices
  • Who Needs It: Debt management and settlement services providers
  • Regulating Body: The Michigan Department of Insurance and Financial Services
  • Required Coverage: $25,000–$100,000
  • Premium Rate: 1–10% based on credit score

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

What Is a Michigan Debt Management License Bond?

A Michigan debt management services provider bond protects consumers from unfair or deceptive debt management practices. It creates a financial safeguard if companies do any of the following:

  • Engage in fraud
  • Break state regulations
  • Violate consumer contracts 

The Michigan Department of Insurance and Financial Services (DIFS) requires this bond as part of the licensing process for debt management services providers in the state.

How Much Bond Coverage Do I Need?

Your bond amount must equal the total amount of Michigan clients' funds in your trust account at the time of application. New licensees typically need the minimum $25,000 coverage.

How Much Do Debt Management License Bonds Cost in Michigan?

Michigan debt management services provider bonds cost a small percentage of the bond amount, typically 1–10% based on credit score.


If low credit impacts your rate, we also offer premium financing options. Apply for your free quote now!

Bond Type
$25,000-$100,000Debt Management License Bond

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

Who Needs a Debt Management License Bond? 

Anyone providing financial planning and management services for a debtor and/or collecting money to distribute to a creditor must be licensed and bonded with the Michigan DIFS. 

However, the following parties may be exempt from licensure: 

  • Attorneys at law
  • Certified public accountants
  • Banks, savings and loan institutions, credit unions, fiduciaries
  • Title insurers or abstract companies
  • Persons acting under court order
  • Employees or agents of a licensee

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Michigan debt management services provider 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 email you the bond shortly after purchase. Be sure to file the bond with the DIFS as instructed. 

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

How Does a Michigan Debt Management License Bond Work? 

As with all surety bonds, a debt management services provider bond creates a legal contract between three parties: 

  1. Principal: You, the debt management services provider filing the bond
  2. Obligee: The Michigan Department of Insurance and Financial Services requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of the Michigan Debt Management Act 451.415

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety. 

How Do I Renew My Bond?

These bonds expire annually on December 31. To renew your debt management services provider bond, simply pay your renewal invoice when prompted. 

After renewing, you’ll receive a continuation certificate to file with the Michigan Department of Insurance and Financial Services as proof of ongoing coverage. 

More Resources

Call 1 (800) 308-4358 to talk with a Surety Expert