How to Become a Michigan Notary

Jan 8 Posted on

michigan notary

If you’re considering becoming a Michigan notary public, keep reading to find out how to be commissioned and why you’ll need a surety bond.

Applying for a Michigan notary public commission

Notaries public act as fraud prevention, confirming the identities of the parties signing the documents. If you work or want to work as a notary in Michigan, make sure to read the Michigan Notary Public Act to ensure you understand the scope of your duties.

Michigan notary applicants receive their commission from the Secretary of State. There are many qualifications applicants must meet, including:

  • At least 18 years old
  • Resident or business owner in Michigan; must live or maintain a business in the county in which you request appointment
  • U.S. citizen or proof of legal presence
  • Read and write English
  • No felony convictions in the previous ten years

This list is not complete so be sure to review the qualifications before applying. Here’s some of the information would-be notaries are asked to provide on the application:

  • Name, address, phone number, DOB, email, and driver’s license number
  • $10 filing fee
  • $10,000 surety bond

Michigan notaries’ commission expiration date is determined in a unique way: it expires six years from your next birthday at the time you are commissioned. So, if you were commissioned in November 2017, and have a birthday this month, your license would expire on your birthday in January 2024. You can apply to be recommissioned no more than 60 days before expiration. Notaries can charge up to $10 for each notarial act they perform.

Unlike many states, Michigan does not require notaries to purchase a stamp or seal. However, since documents may require the stamp or seal if they are sent out of state, you may want to purchase one or the other. Michigan notaries are also not required to keep records, though if they do, they must keep the records for five years.

Why do notaries need a surety bond?

Since a notary’s job is to prevent fraud, the surety bond is their guarantee that they will perform notarial acts as the law dictates. The $10,000 bond required of Michigan notaries protects anyone from suffering financial damages as a result of bad or unethical business practices. The state does not allow personal assets or blanket bonds in lieu of this bond.

Michigan notary bond premiums generally range from $50-$100 for a one-year term. Make sure your bond is continuous for the length of your commission or be sure to renew it annually. It’s easy to get this bond�just get in touch with Single Source Insurance today!

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License and Surety Bond Basics for Alabama Contractors

Jan 5 Posted on

Alabama contractors

Alabama contractors need a license and surety bond, as they do in many states. Here’s a quick guide to the basics of their licensing and bonding process.

How do Alabama contractors get licensed?

Alabama contractors apply for licensure through the State Licensing Board for General Contractors. General contractors need to submit their applications at least 30 days before the next quarterly board meeting—check the Board’s website for meeting dates. Here’s some of the information needed on the license application:

  • Company name and type
  • Business mailing address, email, and phone number
  • Certificate of Existence from the Secretary of State (except individuals and partnerships)
  • Nonrefundable $300 application fee
  • Passing score on at least one of two exams in the discipline being applied for
  • List of applicant’s industry experience
  • At least two references and their names, addresses, and phone numbers
  • Citizenship verification or proof of lawful non-citizenship
  • Name and contact information of qualifying party (person taking the exam)
  • $10,000 minimum net worth and working capital verified by prepared financial statement

General contractors’ references must be owners, licensed architects or engineers, or licensed general contractors. On their application, contractors specify the type of license they want:

  • Building construction
  • Highways & streets
  • Municipal & utility
  • Heavy & railroad
  • Specialty classification (mechanical, plumbing, HVAC, electrical, landscaping, demolition, etc.)

Contractors that have been licensed in Arkansas, Louisiana, Mississippi, or Tennessee for at least three consecutive years can submit an application and get licensed via Alabama’s reciprocity with those states.�Subcontractors also apply for licensure through the Board, and their application fee is $150.

License renewals come up yearly based on the letter the business’s name begins with. See the Board’s chart to determine when to renew your Alabama contractor’s license. If a license is not renewed within one year of expiration, the licensee will need to submit a new license application.

Contractor license surety bonds

Alabama contractors can get a surety bond if they request a bid limit higher than their net worth. Their bid limits (per contract) correspond with the letter printed on their license:

  • A�$100,000 bid limit
  • B�$250,000 bid limit
  • C�$500,000 bid limit
  • D�$1,000,000 bid limit
  • E�$3,000,000 bid limit
  • U�No bid limit

If the contractor applicant’s financial statement doesn’t show sufficient net worth and capital for their requested bid amount, the Board may accept a surety bond as assurance. The bond needs to equal the applicant’s negative working capital or net worth plus the amount needed to meet the requested bid limit. That means the bond’s cost and amount can vary greatly depending on many factors.

This isn’t the only bond Alabama contractors may need�check with local government to see if you need any additional bond coverage.

If you think you may need this surety bond, check with the Board before buying your bond and verify your bond amount. Then, get in touch with Single Source Insurance and get bonded today!

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Getting Licensed and Bonded for Arizona Collection Agencies

Jan 4 Posted on

As of January 2, 2017, Arizona collection agencies submit license applications via the Nationwide Multistate Licensing System (NMLS). Arizona joined many states in the U.S. that use the NMLS as a tool for financial institutions to submit licensing information.

How to Get a License: A Step-by-Step Guide for Professionals

Though applicants submit their information to the NMLS, the agency that grants Arizona collection agencies’ licenses is the state Department of Financial Institutions (AZDFI). Here’s some of the information the state asks for on the application:

If an agency is applying to do business at more than one location, the applicant needs to submit�branch applications for each additional location. The application comes with a nonrefundable $1,500 fee, plus $500 per branch location. The licensing year is from January 1 through December 31. Agencies can renew their license from November 15 through January 1 with no penalty, and until January 31 with a penalty. Collection agencies’ license renewal is $600, plus $200 per branch location renewal. Fees are also assessed if the agency changes its name, address, or active managers.

Arizona collection agencies are required to keep a record of any fake names used by debt collectors, and submit thefictitious names report twice a year on July 1 and December 31. The report should list the collectors’ names, any fake names they use, and their home address.

How much does the Arizona collection agency surety bond cost?

The collection agency surety bond amount is determined by the gross annual income of the agency in the preceding year, as follows:

  • No more than $250,000 in annual income�$10,000 surety bond
  • $250,001-$500,000�$15,000 bond
  • $500,001-$750,000�$25,000 bond
  • $750,001 or more�$35,000 bond

This surety bond is collection agencies’ guarantee that they will pay their clients any funds collected within thirty days of collection, minus the agency’s fees. If the total amount collected is less than five dollars, then payment can be delayed another thirty days.

The cost of Arizona collection agencies’ bonds varies, since the bond amount varies. Qualified applicants applying for a bond can expect to pay 1-5% of the bond’s total amount�that’s anywhere from $250-$1,250 for a $25,000 surety bond.

More questions about the license? Get in touch with AZDFI. Questions about getting bonded? Get in touch with Single Source Insurance today!

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How Do Alabama Dismantlers and Parts Recyclers Get Bonded?

Jan 2 Posted on

dismantlers and parts recyclers

Alabama dismantlers and parts recyclers are required by the state to get a license and surety bond. Keep reading to learn how the process works.

How to get an auto dismantler and parts recycler license

Auto dismantlers and parts recyclers are any entity (individual or business) that possesses 10 or more inoperable vehicles for more than 30 days. The definition does not include businesses holding vehicles that are waiting on repairs, or licensed junk dealers holding the vehicles for scrap metal. It also excludes anyone holding or repairing vehicles for their own personal use.

Prior to September 1, 2017, auto dismantlers and parts recyclers were licensed by the Business & License Tax Division of the Alabama Department of Revenue. Those licenses are now issued by the Department’s Motor Vehicle Division. Applicants apply through the Motor Vehicle Regulatory License Portal, and this is some of the information they need to provide:

  • Applicant’s name and address of business
  • Type of business organization
  • Sales tax number
  • NMVTIS number
  • $225 fee
  • $25,000 surety bond

Licenses expire each year on October 1, and licensees have 30 days to renew without penalty. After that, a 15% penalty and interest are charged. Dismantlers and parts recyclers also need to keep records of all transactions for five years afterward. Records need to record the vehicle’s make, model, body style, year, and VIN, as well as the name and address of the buyer.

Auto dismantlers and parts recyclers need to obtain Buyer’s�Identification (BIN) cards so that licensees and their employees can make purchases at salvage pools or disposal sales. BIN cards are $10 each and licensees can purchase three per license year.

Dismantler and recycler surety bonds

Parts dismantlers’ and recyclers’ surety bonds are their promise to the state and to customers that they will follow the rules for their license laid out inAlabama Code��40-12-410 through��40-12-425, plus any other applicable laws. If the licensee does not follow those rules, and they cause financial harm to a customer, the customer can file a claim against the surety bond. The bond also removes liability from the state, placing it on the licensee. Applicants will gain access to the surety bond form after finishing their application in the online portal.

More questions about applying for this license? Contact the Alabama Motor Vehicle Division. Ready to get bonded? Get in touch with Single Source Insurance!

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