Required State License(s):

1) Capital finders -- charging other companies a fee to locate sources of capital, investors. Should be licensed with the Department of Labor & Economic Growth, Office of Financial and Insurance Services; (517) 241-6350.

2) FHA finders -- locate people who are owed money by the FHA on mortgage insurance policies. There are variations on this (i.e. dormant account finders). All are required to be licensed with the Department of Labor & Economic Growth at (517) 241-5645

3) Investment finders -- one who participates in the offer to sell, the sale or the purchase of securities or commodities by locating, introducing or referring potential purchasers or sellers a license is required with the Michigan Department of Labor & Economic Growth, Corporation Division at (517) 241-6350.

Other Possible License(s):

When engaged in the business of furnishing, for hire, fee or reward, private detective services, including locating individuals, and investigating damage or crimes, a license is required with the Department of Labor & Economic Growth at (517) 241-5645.

"Tracers" of people or property; locate people who are owed money, property or goods, or who, on behalf of a person(s), locate property or money are required to be licensed with the Department of Labor & Economic Growth at (517) 241-5645.

Information:

338.1075 Renewal license; application; bond; fee; date; form; approval; effect of failure to renew; deposit of fees into security business fund.

Sec. 25. 

(1) A license granted under this act may be renewed by the department upon application by the licensee, filing a renewal surety bond in the amount specified in section 9, and the payment of the following: 

(a) Beginning October 1, 2004, a renewal fee of $100.00 if a sole proprietorship, $150.00 if a private security guard firm, company, partnership, limited liability company, or corporation, or $250.00 if a security alarm system contractor.

(b) Beginning October 1, 2002 and until October 1, 2004, a renewal fee of $1,000.00 if a sole proprietorship, $1,500.00 if a private security guard firm, company, partnership, limited liability company, or corporation, or $1,500.00 if a security alarm system contractor.

(2) A renewal license shall be dated as of the expiration date of the previously existing license. For the renewal of a license, the licensee shall submit an application in such form provided by the department. The department may defer the renewal of license if there is an uninvestigated outstanding criminal complaint pending against the licensee or a criminal case pending in any court against the licensee.

(3) A person who fails to renew a license on or before the expiration date shall not engage in activities regulated by this act. A person who fails to renew a license on or before the expiration date may, within 30 days after the expiration date, renew the license by payment of the required license fee and a late renewal fee of $25.00. An applicant who fails to renew within the 30-day period must reapply for a license under section 7.

(4) The fees collected by the department under this section shall be deposited into the security business fund created in section 9(6).

http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=mcl-338-1075&queryid=3727370&highlight=fee

Revised:  4/2005