Mich. Admin. Code R. 205.403 - Surety bond; financial statement

Rule 3.

(1) If an applicant for a license cannot satisfy the department as to the applicant's financial responsibility, the department may require the applicant to furnish a surety bond, payable to the "State of Michigan," in such amount as the department may determine, conditioned upon payment of the tax as specified by section 7 of the act. The department may also require any licensee to file a financial statement with the department showing all assets and liabilities, together with any other financial information the department may prescribe.
(2) If there is a change of corporate ownership or control, a new financial statement may be required.


Mich. Admin. Code R. 205.403
1980 AACS

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