Broker-General Licensing Information
Required State License(s):
Auto Broker: Anyone involved in brokering vehicle sales (new car broker, vehicle sales listing agency, flea market, auction, etc.) should be licensed with the Department of State, Dealer Division; 517-373-9460.
Business Broker: Anyone who sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of an existing business for others for a fee and the transaction includes real property are required to be licensed. Contact the Department of Licensing and Regulatory Affairs, Bureau of Professional Licensing, Real Estate Licensing at 517-373-8068 or visit us at our website www.michigan.gov/bpl. Business brokers whose transactions do not include real property are not required to hold a real estate broker's license.
Real Estate Broker: Required to be licensed as a real estate broker. Contact the Department of Licensing and Regulatory Affairs, Bureau of Professional Licensing at 517-373-8068 for licensure information or visit our website at www.michigan.gov/bpl.
Other Possible License(s): Brokering of mortgages is regulated by the Department of Insurance and Financial Services 517-373-0220 or toll free 877-999-6442.
Further Information: Business brokers should be aware of successorship provisions in the Michigan Employment Security Act and fines which may be assessed against agents in the sale of a business. Contact the MESA at 800-638-3994 for information.
Loan Broker: There is no state license unless the individual or business is brokering:
1) Real Estate mortgages: See "Mortgage Broker."
2) Investments rather than loans (the distinction may require professional advice) with the Department of Licensing and Regulatory Affairs, Corporations, Securities and Commercial Licensing Bureau; 517-241-6345.
Mobile Home Retailer: Should be licensed with the Manufactured Housing Division of the Department of Licensing and Regulatory Affairs; 517-241-9317. Mobile homes should meet federal standards and specifications. Dealers will need a sales tax license. A Registration for Michigan Taxes, form (518); 517-636-4660.
Mortgage brokering: brokering is regulated by the Department of Insurance and Financial Services; 517-373-0220 or toll free 877-999-6442.
Securities Broker/Dealer: Any person engaged in the business of effecting transactions in securities for the account of others, or for their own account, and who normally receives compensation, direct or indirect, for performing such duties must be registered. Contact the Department of Licensing and Regulatory Affairs; Corporations,Securities, and Commercial Licensing Bureau; 517-241-6345.
Truck Broker: No license required. A truck broker matches companies with other truckers to haul supplies/ materials, etc.; a Freight Forwarder assembles small shipments to go to a different location in larger shipments. Vehicles are licensed and insured with the U.S. Department of Transportation, Federal Highway Administration; 202-358-7028 or 202-358-7029.