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Michigan licensing

Do I need a debt collection license in Michigan?

Yes. Michigan requires a debt collection license issued by Michigan DIFS.

State Laws

Michigan licensing laws

3 verticals covered for Michigan

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Reviewed by Cornerstone Staff28 years of financial services state licensing experience

This guide covers 3 regulated activities in Michigan: Michigan Debt Collection Laws & Regulations, Michigan Money Transmitter Laws & Licensing, and Michigan Mortgage Laws & Licensing Requirements. 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. All 3 of them need 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.

Key statutes

  • Michigan Collection Practices Act (MCL § 339.901) . Licensing and regulatory requirements

money transmitter

Michigan Money Transmitter Laws & Licensing

Complete guide to money transmitter licensing in Michigan. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Michigan.

Michigan money transmitter requirements at a glance

Michigan money transmitter licensing requirements
Surety bond $25,000
Minimum net worth $100,000
Renewal cadence Annual
FinCEN MSB registration Required

Application process

To obtain a money transmitter license in Michigan, applicants generally need to submit a completed application to the Michigan DIFS, provide a surety bond of $25,000-$500,000, demonstrate minimum net worth of $100,000, provide audited financial statements, implement a comprehensive BSA/AML filings program, and pass background checks for all control persons. Many states now accept applications through NMLS. The application process typically takes 3-12 months depending on the state and complexity of the applicant's business model.

Renewals

Money transmitter licenses in Michigan generally require annual renewal. Renewal typically requires submission of audited financial statements, updated surety bond, quarterly or annual transaction reports, BSA/AML filing documentation, and payment of renewal fees. Some states require call report filings on a quarterly basis throughout the year.

Money transmitters operating in Michigan are also generally expected to register with FinCEN as a money services business (MSB) and implement a comprehensive BSA/AML filings program. This includes appointing a filings officer, developing written policies and procedures, conducting employee training, filing Currency Transaction Reports (CTRs), and submitting Suspicious Activity Reports (SARs). Michigan may have specific requirements for cryptocurrency and virtual currency businesses.

Key statutes

  • Michigan Money Transmitter Act (MI Code) . State-specific money transmission regulation
  • Bank Secrecy Act (Federal) (31 U.S.C. § 5311) . Federal BSA/AML requirements for money services businesses

mortgage

Michigan Mortgage Laws & Licensing Requirements

Complete guide to mortgage licensing requirements in Michigan. Covers MLO licensing through NMLS, lender and servicer licensing, bond requirements, and key statutes governing mortgage origination and servicing in Michigan.

Application process

Mortgage companies generally apply through the NMLS (Nationwide Multistate Licensing System) for Michigan mortgage licensing. Requirements include a completed MU1 form, surety bond, audited financial statements, business plan, background checks (FBI criminal and credit) for all control persons, and net worth requirements. Individual MLOs are generally required to complete pre-licensing education (20 hours minimum including 3 hours of federal law, 3 hours of ethics, 2 hours of non-traditional lending, plus Michigan-specific hours), pass the SAFE MLO test, and submit an MU4 form through NMLS.

Renewals

Mortgage licenses in Michigan are renewed annually through NMLS. Company renewals require updated financial statements, bond confirmation, and payment of renewal fees. MLOs are generally required to complete continuing education (8 hours minimum annually, including Michigan-specific requirements) and pay renewal fees through NMLS. The renewal period typically runs November 1 through December 31.

All mortgage companies and MLOs operating in Michigan are generally required to be registered through NMLS. Michigan participates in the CSBS multi-state licensing process. Additional requirements may include maintaining a physical office, appointing a qualified individual, and filings with both state and federal regulations including TILA, RESPA, and the Dodd-Frank Act.

Key statutes

  • SAFE Act (Federal) (12 U.S.C. § 5101) . Federal framework for MLO licensing through NMLS
  • Michigan Mortgage Lending Act (MI Code) . State-specific mortgage lending and servicing regulation in Michigan

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State Laws

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Licenses in Michigan

Michigan licenses by industry

Every regulated vertical we track in Michigan, with the full law summary and the direct application path for each license type.

debt collection licensing

Regulated by Michigan DIFS

money transmitter licensing

Regulated by Michigan DIFS

mortgage licensing

Regulated by Michigan DIFS

Bonds and insurance in Michigan

Where Michigan conditions a license on a posted surety bond, these pages carry the statutory bond amount and filing steps.

Get a Michigan surety bond quote Explore business insurance

Michigan regulator contacts

The state agencies that issue and oversee the licenses above.

  • Michigan DIFS debt collection, money transmitter, mortgage licensing

Planning tools and data

Scope a Michigan expansion before you file.

Licensing cost estimator Project filing fees and timelines for a Michigan expansion. License comparator Compare requirements across states side by side. License readiness score Gauge how application-ready your company is today. Licensing finder Work out which licenses your business model triggers. Download the Michigan dataset (CSV) License, bond, fee, and renewal data for Michigan in one file.

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Regulatory Watch

Stay Ahead of the Rules

Recent rule changes, deadline announcements, and state agency updates we are tracking for you.

  • Info OCC Jul 14, 2026

    Joint FDTA data standards final rule issued by OCC and other agencies

    On June 11, 2026, the OCC and other agencies issued a joint final rule under the Financial Data Transparency Act of 2022, with Federal Register publication on June 25, 2026. The rule establishes joint data standards for certain regulatory data collections, including LEI, UPI, ISO 8601 dates, and machine-readable schema expectations.

    Read explainer
  • Action OCC Jul 14, 2026

    OCC Bulletin 2026-31 on lending to individuals not legally authorized to work in the United States

    On July 13, 2026, the OCC, FDIC, and NCUA issued interagency guidance on lending to individuals not legally authorized to work in the United States. The guidance tells institutions to apply existing credit risk management standards and account for elevated repayment and stability risks where appropriate.

    Read explainer
  • Action OCC Jul 14, 2026

    OCC Bulletin 2026-30 on FinCEN Section 314(b) voluntary information sharing

    On July 9, 2026, the OCC issued Bulletin 2026-30 to notify supervised institutions about FinCEN's updated Section 314(b) Fact Sheet. The update clarifies that eligible institutions may share information about suspected fraud, money laundering, terrorist financing, and other specified unlawful activity under the statutory safe harbor.

    Read explainer
  • Action FinCEN Jul 14, 2026

    FinCEN supplemental alert on fuel smuggling and tax evasion schemes tied to Mexico-based cartels

    On June 30, 2026, FinCEN issued a supplemental alert on fuel smuggling and tax evasion schemes on the southern border associated with CJNG and other Mexico-based criminal organizations. The alert gives red flags and reminds financial institutions, including money services businesses, of their Bank Secrecy Act reporting obligations.

    Read explainer
  • Action CFPB Jul 14, 2026

    CFPB Small Business Lending under ECOA, Regulation B final rule became effective

    The CFPB's May 1, 2026 final rule revising the Section 1071 small business lending framework under Regulation B became effective on June 30, 2026. The rule updates coverage, definitions, certain data points, and timing requirements tied to small business lending data collection and reporting.

    Read explainer