Details

Use the exact corporation or LLC name and identify the office being licensed. LARA's current guides require a license for each separate place of business. The non-owner-managed guide also requires an active non-owner manager licensed to the agency before the agency can be licensed; entity formation does not satisfy that requirement.

For ordinary initial collection operations, LARA's guides describe $5,000 security. The published rules require repossession agencies to maintain at least $10,000. Later amounts depend on the reported average monthly business, including the rules' client-net collection and repossessed-property values, within the statutory range. Use the actual business activities and LARA determination rather than ordering by entity name alone.

The current non-owner-managed guide calls for the Annual Report of Business and Operations by May 16. That annual amount review is separate from its three-year license renewal cycle. Neither date establishes a universal three-year bond purchase term.

Section 339.907 and the rules require advance cancellation notice, with the rules specifying Department receipt at least 30 days before cancellation. Arrange replacement before the existing bond expires; the rules address suspension and conditional reinstatement if security lapses. The statute preserves covered pre-cancellation liability and bars a bond action commenced more than one year after effective cancellation, not one year after purchase.

Purchase Now opens Propeller's Michigan corporation-or-LLC collection agency application in a new tab. Bring the legal entity name, office, license classification, manager information, reported business and required sum and dates. Confirm the issued principal and execution with LARA's requirements, then complete the separate MiPLUS licensing or renewal process. Checkout does not approve the entity, manager or office.