50-State Financial Services Licensing Compliance Guide
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Michigan Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Michigan.

Company Licenses

Michigan Financial Services Company Licenses

Michigan Collection Agency License

Agency:Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing
Law:

MCL § 339.904

Foreign Qualification is Prerequisite:Not Set
Bond Requirements:

Between $5,000 and $50,000.

Notes:

Michigan does not issue branch office licenses, but agencies with multiple locations will each need an agency license.

Exam Required?Not Set
Registered Agent (Special Agency) Required?Not Set

Initial Registration

Instructions:

Collection Agency Non-Owner Managed Licensing Guide or Collection Agency Owner Managed Licensing Guide

Filing Method:

Online

Agency Fee:

$475

Registration Renewal

Filing Method:

Online

Agency Fee:

$375

Due:

Triennially

Amendment

Filing Method:

Online

Agency Fee:

$10

Amendment

Filing Method:

Online

Agency Fee:

$10

Due:

Within 30 days of a change to agency name or address.

Reinstatement

Filing Method:

Online

Agency Fee:

$495

Supplemental Reporting
Annual Report of Business and Operations

Form:

Annual Report of Business and Operations

Agency Fee:

$0

Due:

Annually by May 16.

Individual Licenses

Michigan Individual Financial Services Licenses

Michigan Collection Agency Manager License

Agency:Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing
Foreign Qualification is Prerequisite:Not Set
Exam Required?Not Set
Registered Agent (Special Agency) Required?Not Set

Initial Registration

Instructions:

Collection Agency Non-Owner Manager Licensing Guide

Filing Method:

Online

Agency Fee:

$185

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Triennially

Reinstatement

Filing Method:

Online

Agency Fee:

$205

Explore licensing in other states:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho
Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri
Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania
Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Revised September 25, 2023. Complete data last reviewed January 08, 2019.
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