What criteria must an applicant satisfy to have the surety bond qualified?
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 $50,000.
- 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.
- 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.