What criteria must an applicant satisfy to have the surety bond qualified?

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 Director for the benefit of any individuals who are Michigan residents and who are creditors or claimants of the applicant.
  4. If one person owns 20% or more of the ownership interest in two or more licensees, the group of licensees is only obligated to furnish one $50,000 surety bond.