If you are engaged in Consumer Financial Servicers in Michigan you are required under Public Act 161 of 1988 of The Occupational Code of Michigan to file a Michigan Consumer Financial Servicers Class I Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Michigan Consumer Financial Servicers Class I Bond holds you accountable for your business decisions.
By possessing a Michigan Consumer Financial Servicers Class I Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.