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.
Notes
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