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 ma y 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.