Michigan Finance Licensing
Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Michigan.
Company Licenses
Michigan Financial Services Company Licenses
Michigan 1st Mortgage Broker License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,250 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 1st Mortgage Broker Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $800 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 1st Mortgage Broker/Lender License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,500 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 1st Mortgage Broker/Lender Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,100 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 1st Mortgage Broker/Lender/Servicer License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $2,050 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 1st Mortgage Broker/Lender/Servicer Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,600 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,250 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $800 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker/Lender License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,500 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker/Lender Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,100 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker/Lender/Servicer License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $2,050 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan 2nd Mortgage Broker/Lender/Servicer Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1,600 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan Collection Agency License
Initial Registration
| Instructions: | Collection Agency Non-Owner Managed Licensing Guide or Collection Agency Owner Managed Licensing Guide |
| Filing Method: | |
| Agency Fee: | $475 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $375 |
| Due: | Triennially |
Amendment
| Filing Method: | |
| Agency Fee: | $10 |
| Due: | Within 30 days of a change to agency name or address. |
Amendment
| Filing Method: | |
| Agency Fee: | $10 |
Reinstatement
| Filing Method: | |
| Agency Fee: | $495 |
Supplemental Reporting
Annual Report of Business and Operations
| Form: | |
| Agency Fee: | $0 |
| Due: | Annually by May 16. |
Michigan Consumer Financial Services Class I License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 + $8950 license/registration fee + $1050 application fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan Consumer Financial Services Class II License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 + $3450 license/registration fee + $1050 application fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan Exempt Mortgage Company Registration
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 NMLS processing fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan Money Transmitter License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $3550 license/registration fees + $600 application fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Michigan Motor Vehicle Installment Seller License
Initial Registration
| Form: | |
| Filing Method: | |
| Agency Fee: | $30 application fee |
| Notarization Required?: | Required |
| Notes: | The county where the notary is authorized to sign and the county where the document was executed must match. |
| Required Attachments: |
|
Registration Renewal
| Form: | Forms are not available online. DIFS will email an application in the beginning of April to the licensee's contact email on file. |
| Filing Method: | Email to difs-cfrenewals@michigan.gov |
| Agency Fee: |
|
| Due: | Annually by June 30 |
Michigan Regulatory Loan License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1500 license/registration fee + $450 application fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Individual Licenses
Michigan Individual Financial Services Licenses
Michigan Collection Agency Manager License
| Agency: | Michigan Department of Licensing and Regulatory Affairs (LARA) - Bureau of Professional Licensing |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $185 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $150 |
| Due: | Triennially |
Reinstatement
| Filing Method: | |
| Agency Fee: | $205 |
Michigan Mortgage Loan Originator License
| Agency: | Michigan Department of Insurance and Financial Services - Office of Consumer Finance - Licensing Unit |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $30 + $200 license/registration fee + $15 credit report fee + $36.25 background check fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $200 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
