How long does it take?

Typical end-to-end: 10 to 21 weeks. Our team works ahead of every preconditional step (entity, fingerprints, bond) so the application opens on day one.

State Laws

Michigan debt collection licensing laws

What Michigan requires to run a debt collection business: licensing, bonding, timelines, and renewals.

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← Debt collection state laws

Quick answers for Michigan

Do I need a license to operate a debt collection business in Michigan?: Yes. Comprehensive guide to debt collection licensing requirements, regulations, and filing obligations in Michigan.
Is a surety bond required?: Bond required: $10,000.
How long does it take?: Typical end-to-end: 10 to 21 weeks. Our team works ahead of every preconditional step (entity, fingerprints, bond) so the application opens on day one.
What about renewals?: Renews annually.

This guide covers 1 regulated activity in Michigan: Michigan Debt Collection Laws & Regulations. For each one, the summary below names the state agency in charge. It shows whether a license or registration is required. It also shows whether Michigan calls for a surety bond before you can operate.

Oversight in Michigan runs through Michigan DIFS. This filing needs a surety bond before you can operate. The bond protects the state and your customers if you break the rules tied to your license.

States change their statutes and fee schedules often. Treat the details below as a starting point. Confirm the current rule with the regulator before you file. When you are ready, Cornerstone Licensing can prepare and submit the Michigan filings for you. We track every renewal date and keep your license in good standing year after year.

debt collection

Michigan Debt Collection Laws & Regulations

Comprehensive guide to debt collection licensing requirements, regulations, and filing obligations in Michigan. Learn about licensing fees, bond requirements, key statutes, and regulatory bodies governing third-party debt collectors in Michigan.

Application process

To obtain a debt collection license in Michigan, applicants generally need to submit a completed application to the Michigan DIFS, provide a surety bond of $10,000, pass background checks for all control persons, and meet net worth or financial requirements. The application review typically takes 30-90 days.

Renewals

Debt collection licenses in Michigan generally require annual renewal. Renewal generally involves submission of a renewal application, payment of renewal fees, updated surety bond confirmation, and any required annual reports. Late renewals may incur additional penalties.

Third-party debt collectors operating in Michigan are also generally expected to comply with the federal Fair Debt Collection Practices Act (FDCPA). Michigan may impose additional requirements beyond federal standards, including restrictions on communication methods, required disclosures, and limitations on fees that may be collected.

Need help meeting requirements in Michigan?

We file in Michigan every week. Start your application and an expert handles the rest.

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State Laws

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