Bonds for Security Deposit in Michigan

[Tony H.]

I was interested in buying a surety bond to cover my security deposits and was wondering if I need to purchase a bond for each security deposit or can I purchase 1 bond to cover say 5 rental security deposits.  I have called the State and asked a broker but no one seems to know the answer.  Here is a link to the state statue:

Michigan Legislature link

Thanks!

Tony

[Account Closed]

In Michigan you can be bonded via your Auto Insurance Policy for Security Deposits. You can choose how much of a policy you wish to purchase. 

Once you are bonded you may use the Tenant's Security Deposit any way you wish.

Nancy Neville