MI | This bulletin provides notice to insurance companies that offer surety bonds to Michigan vehicle dealers licensed under MCL 257.248 of an increase in the surety bond requirements. Beginning January 23, 2023, Class A, B, and D vehicle dealers must maintain a surety bond in the amount of $25,000, which is an increase from the amount of $10,000 that was previously required under MCL 257.248(2).
Michigan Surety Bond Requirements for Vehicle Dealers
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