Form Fis 0508 - Debt Management Surety Bond For Licensee
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2FIS 0508 (05/15) Department of Insurance and Financial Services Page 1 of 2
Debt Management Surety Bond for Licensee
Bond Number: _____________________________
That ____________________________________________________________________________________________________
(Name of Firm or Person if Sole Proprietor)
operating as _______________________________________________________________________________________________________________________
(Name of Firm)
_________________________________________________________________________________________________________________________________
(State of Corporation, Partnership, Limited Liability Company, or Individual)
_________________________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________________________
(List Complete Address of all Offices covered by this Bond)
as Principal and
a Surety Company
_______________________________________________________________________________________________,
authorized to transact business in Michigan, as surety, are held and firmly bound unto the People of the State of Michigan in the
penal sum of ___________________________________ lawful money of the United States, to be paid
($25,000-$100,000)
to the people of the State of Michigan, for which payment will and truly be made, we bind ourselves and our heirs, executors,
administrators, personal representatives, and successors, jointly and severally, firmly by these presents.
WHEREAS, the said _______________________________________________________________________________
(Name of Firm)
principal obligor herein, is filing herewith an application to the Department of Insurance and Financial Services for a license
to engage in the business of debt management at the office(s) listed above under the provisions of Act 148, Public Acts of 1975, as
amended; and
WHEREAS, Section 5 of said Act 148 provides, in part, as follows:
“The amount of the surety bond must equal or exceed the total amount of Michigan clients' funds in the applicant's or licensee's trust
account at the time of application for license or renewal, as determined by the department, except that the amount of the surety bond
shall not be less than $25,000.00 or greater than $100,000.00. The surety bond shall be conditioned on the faithful accounting of all
money collected on accounts entrusted to a licensee engaged in the business of debt management or the licensee's employees and
agents. In lieu of a surety bond, the department may by rule provide for an appropriate deposit of cash or securities, a letter of credit, or
the assignment of coverage of other bonds if the department is satisfied that comparable or more extensive coverage results.”
NOW, THEREFORE, the condition of this obligation is such that if he said principal obligor herein shall
faithfully account for all monies collected upon accounts entrusted to him and his employees and agents, then this
obligation shall be void; otherwise the same shall be in full force and effect.
PROVIDED, HOWEVER, in no event shall be the aggregate liability of the surety under this bond for any and all
claims to one or more claimants exceed the penal sum of this bond.
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