Michigan Non-Depository Sales Finance Company- Main Office Bond
Overview
Michigan non-depository sales finance companies that purchase or hold retail installment contracts must carry a surety bond before the state will issue or renew their license. This bond, required for your main office location, guarantees that your company will operate in compliance with Michigan's consumer finance laws and deal honestly with the borrowers and dealers you serve. It is a licensing requirement — not optional coverage — and the state must be listed as the obligee.
Who Needs This Bond?
You are a Michigan-based business that finances consumer purchases by buying installment contracts from dealers or retailers — not by accepting deposits. If your company operates as a non-depository sales finance company and you are establishing or renewing your main office license with the state, this bond is a required part of that application. Businesses that arrange auto loans, furniture financing, or other retail credit products through dealer networks fall squarely into this category. If you have branch locations, those offices require separate bond filings.
What is this Bond For?
This bond protects Michigan consumers and the state from financial harm caused by your company's failure to follow the laws governing non-depository sales finance activity. If your business misrepresents loan terms, fails to remit funds properly, or otherwise violates its licensing obligations, a claim can be filed against the bond. The bond does not protect your company — it holds your company accountable to the borrowers and regulators who rely on your compliance.
When is it Required?
Before your main office license is issued or renewed, this bond must already be in place and filed with the state. Submitting your application without the bond will delay or block licensure. If your bond lapses at any point during your license term, your authorization to operate as a sales finance company in Michigan is at risk. Do not wait until your renewal deadline — have the bond secured before you submit any paperwork.
Where Does it Apply?
This bond is a statewide Michigan requirement and covers your main office only. It is filed with the Michigan state licensing authority that oversees non-depository financial service companies. If your business operates additional branch offices anywhere in Michigan, each location will need its own separately bonded filing.
How to Buy Online
Click 'Buy This Bond Online' on this page and the secure surety portal will open in a new tab. Enter your business details, complete the application, and your bond documents are generated through the portal. No agent callback required — the entire process is handled online.
Why Bond Titan?
Bond Titan is powered by The Southern Agency and built for business owners who need their bond now, not after a round of phone tag with an agent. Our nationwide catalog includes state-specific bonds like this Michigan non-depository sales finance bond, and the online purchase process is fast and straightforward. You get what you need, documented and ready to file.