What criteria must an applicant satisfy to have the surety bond qualified?
Answer The following criteria must be met: The surety bond must be issued by a bonding or insurance company authorized to do business in this state. The surety bond is in a principal amount of at least $500,000.00 and not greater than $1,500,000.00. The amount is determined by the Commissioner based on the number of locations and authorized delegates of the applicant in this state. The surety bond must be payable to the Commissioner for the benefit of any individuals who are Michigan residents and who are creditors or claimants of the applicant and its authorized delegates through purchase instrument.
The following criteria must be met: 1. The surety bond must be issued by a bonding or insurance company authorized to do business in this state. 2. The surety bond is in a principal amount of $50,000. 3. The surety bond must be payable to the Commissioner for the benefit of any individuals who are Michigan residents and who are creditors or claimants of the applicant. 4. If 1 person owns 20% or more of the ownership interest in 2 or more licensees, the group of licensees is only obligated to furnish 1(one) $50,000 surety bond.
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