If you collect an commingle tenant rents, you are required under Public Act 348 of 1972 to file a Michigan Landlord Security Deposit Bond as a condition of licensure.
Bonds Express offers a Michigan Uniform Landlord Security Deposit Bond with a 99% approval rate.
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 Uniform Landlord Security Deposit Bond holds you accountable for your business decisions.
By possessing a Michigan Uniform Landlord Security Deposit Bond you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.