State Debt Collection Regulations
Michigan Debt Collection Licensing
- All Debt Collectors are required to be licensed under The Michigan Collection Practices Act
- Difficult to navigate without the help of licensing experts like Cornerstone
- Non-compliance with licensing requirements may result in hefty fines
mi Debt Collection Requirements
LICENSE
bond
$5K
exemptions
Commercial
background check
Collector registration
resident manager
The fastest path to a Debt Collection License in michigan is
Cornerstone Licensing
- Specialists to guide you through the complexities of licensing
- Plans customized to provide the coverage you specifically need
- Experts in helping you reduce liability and avoid costly fines
Key Details
Michigan Debt Collection Requirements
Licensing
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Regulatory Authority
The MI Dept of Licensing & Regulatory Affairs mandates all debt collectors be licensed to operate in the state.
Application Process
If you’d like more information about the application process, contact Cornerstone or visit the state regulating site.
Maintaining Licensing
In order to maintain ongoing licensing, companies must renew every 3 years (expiration date matches the original filing date). This involves submitting renewal applications, paying fees, and ensuring compliance with all applicable federal and state regulations. It is important to maintain great record keeping practices to ensure no questions about compliance arise.
Penalties for Non-Compliance
Operating without proper licensing could result in fines or being prohibited from conducting business in the state.
Expert Assistance
With so many possible pitfalls and ways to not have a collection agency license approved, many businesses utilize licensing experts like Cornerstone to navigate the process successfully.
Bonds
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Bond Requirement
The surety bond requirement is $5,000 for the first year of operation. The amount of the bond for subsequent years will be based upon the amount of average monthly business as reported on an Annual Report of Business and Operations, which must be filed with the Department each year.
Cornerstone can quickly write this bond for you so you can get back to focusing on growing your business.
Background Check
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Requirements
There is no background check requirement in Michigan
Collector Registration
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Requirements
Collector registration is required in Michigan
Resident Manager
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There is no resident manager requirement in Michigan
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Webinar
Mastering Debt Collection Licensing: Navigating State Laws & Avoiding Common Pitfalls
In today’s complex legal landscape, debt collection companies must stay compliant with ever-evolving laws that vary from state to state. Whether you’re already licensed or just starting the process, this webinar is designed to provide practical guidance on managing state-by-state licensing for debt collection. Hosted by Cornerstone Licensing and guest expert attorney, Leslie Bender, we’ll cover best practices for staying compliant, common mistakes to avoid, and how to streamline your licensing processes. With years of combined expertise, we’ll break down the key legal challenges and offer strategies for protecting your business from fines and penalties.
Leslie Bender
Senior Counsel at Eversheds Sutherland
Christy Young Barger
Sr. Director - Licensing at Cornerstone Licensing
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