1 (800) 308-4358

Michigan
Deferred Presentment Service Provider Bond

400,000+ Bonds issued to 250,000+ satisfied customers.

Coverage Amount: $50,000
Term Length: 1 year
Price Varies
Most Bonds Processed In 24 Hours Or Less
Fast Delivery

Purchase your bond today and select from Next Day, Two Day, or Three Day Shipping.

Best Prices

We shop the top surety markets to find you the best rate.

Secure Checkout

Backed by SSL, our online bonding process is secure. We are committed to your privacy.

Trustpilot

Michigan Deferred Presentment Service Provider Bond Guide

If you’re applying to become a deferred presentment service provider in Michigan, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To protect clients from financial harm caused by lenders
  • Who Needs It: Payday lenders/deferred presentment service providers
  • Regulating Body: The Michigan Department of Insurance and Financial Services
  • Required Coverage: $50,000
  • Premium Rate: $500–$5,000, credit-based

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

What Is a Michigan Deferred Presentment Service Provider Bond?

A Michigan deferred presentment service provider bond protects clients from financial harm if a company breaks state regulations. 

The Department of Insurance and Financial Services (DIFS) requires a $50,000 bond as part of the licensing process for all deferred presentment service providers (also known as payday lenders) in Michigan.

How Much Do Payday Lender Bonds Cost in Michigan?

Michigan payday loan bonds or deferred presentment service provider bonds typically cost $500–$5,000.


Exact rates are calculated as a percentage of the $50,000 coverage amount based on personal credit score. Apply for your free quote now!

Bond Type
$50,000Deferred Presentment Service Provider Bond

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

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Michigan deferred presentment service 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 mail you the bond via your preferred shipping method. Be sure to file the bond with the DIFS along with your license application packet. 

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

How Does a Michigan Deferred Presentment Service Provider Bond Work? 

As with all surety bonds, a deferred presentment service provider bond creates a legal contract between three parties: 

  1. Principal: You, the company owner 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 Deferred Presentment Service Transactions Act. 

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. To renew your deferred presentment service provider 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

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

or