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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 Surety Bonds 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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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.

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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.

Download the Michigan dataset (CSV) License, bond, fee, and renewal data for Michigan in one file.
Regulatory Watch

Stay Ahead of the Rules

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

  • Action CSBS May 7, 2026

    CSBS MTMA guidance on stablecoins and lease accounting

    On April 23, 2026, CSBS issued Money Transmission Modernization Act implementation guidance covering stablecoins and right-of-use leases. The guidance is meant to support consistent state treatment of tangible net worth, permissible investments, and surety bond calculations.

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