Consumer Financial Services Application Michigan Form

Instructions and help about Consumer Financial Services Application Michigan

[Music] in this video we explain what michigan consumer financial services bonds are and how insurance agents can efficiently obtain them for their customers a consumer financial services bond is a government required surety bond that protects the public from financial harm if the services provider fails to comply with licensing regulations the limit on the michigan consumer financial services bond ranges from between hundred thousand dollars to one point five million dollars and is determined based off the type of license that the service provider has the bond is required for all consumer financial services providers operating in the state and is regulated by the michigan department of insurance and financial services consumer financial services providers are required to purchase this bond as a prerequisite to obtaining a business license the bond costs between one percent to three percent of the bond amount per year and is determined based on factors such as the applicant's credit sc