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Michigan bonds

Michigan — Non-Depository Sales Finance Company- Branch Location Bond

A Michigan non-depository sales finance branch needs security matched to the additional location, not another main-office bond. Section492.105 distinguishes the $20,000 principal-office amount from $10,000 for an additional location and a conditional $5,000 exception.

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Recorded state
Michigan
Bond type
Consumer Finance / Lender Bond
Category
Financial services

What this bond does

Provide the accepted additional-location security for a non-depository business conducting motor vehicle sales finance under Michigan's Motor Vehicle Sales Finance Act.

Who needs it
Non-depository sales finance companies adding or maintaining Michigan-licensed locations, with the principal-office license and any other relevant lending authority identified.
Who it protects
The published non-depository undertaking runs to Michigan and secures the Act's duties and money owed to the State or people entitled under the Act. Its condition includes covered judgments and their stated payment timing; it is not insurance for every unpaid vehicle account.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Details

DIFS places sales finance licensing under the Motor Vehicle Sales Finance Act and selects FormFIS2311 for the application, instructions and bond forms. Identify the same legal company, DBA, principal-office license and exact additional location. A retail installment seller is a different licensed role; a seller application does not establish the sales finance branch requirement.

The statute sets $10,000 for an additional location. Its $5,000 provision depends on the other lending license specified there, so do not select the lower amount merely because the business has some financial license. The selected bond and Act also address the June30 licensing cycle and annual bond or continuation filing. Match the accepted period and termination terms rather than assuming a new online purchase continues existing security.

Purchase Now opens Propeller's Michigan Non-Depository Sales Finance Company Branch Location application in a new tab. Bring the DIFS request, exact entity and DBA, principal-office and other-license details, branch address, accepted non-depository form, required sum and dates. Match these before paying. Arrange principal and surety execution and accepted original-bond delivery, submit the separate branch application or renewal and retain DIFS acceptance. Do not assume this licensing process uses another state's NMLS workflow.

Sources

Have these ready

  1. Identify the principal-office license and exact additional location.
  2. Match the same legal company and DBA across the request and bond.
  3. Provide any other lending license supporting the conditional lower amount.
  4. Confirm the accepted form, sum, period, original delivery and continuation requirements.

Questions about this bond

Is the branch amount the same as the main-office amount?

No. Section492.105 distinguishes $20,000 for the principal office from $10,000 for an additional location, subject to its specific other-license provision.

Does any financial license qualify the company for $5,000?

Do not assume so. Have DIFS match the particular other lending license to the statutory exception.

Can I file a retail seller application instead?

A retail installment seller and a sales finance company are distinct licensed roles. Use the actual sales finance branch request and selected forms.

Does buying a new bond continue my old coverage?

Not automatically. Match the June30 licensing cycle, accepted annual bond or continuation and termination terms, then retain evidence of DIFS acceptance.

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