Michigan § 333.21321 - Bond required.
Full text of Michigan Michigan Compiled Laws § 333.21321 — Bond required., with citation guidance and answers to common questions.
§ 333.21321. Bond required.
Before issuance of a license under this article, the owner, operator, or governing body of the applicant shall give a bond with a surety approved by the department. The bond shall insure the department for the benefit of the residents. The bond shall be conditioned that the applicant do all of the following:
Hold separately and in trust all resident funds deposited with the applicant.
Administer the funds on behalf of a resident in the manner directed by the depositor.
Render a true and complete account to the resident, the depositor, and the department when requested.
Account, on termination of the deposit, for all funds received, expended, and held on hand.
The bond shall be in an amount equal to not less than 1-1/4 times the average balance of resident funds held during the prior year. The department may require an additional bond or permit filing of a bond in a lower amount, if the department determines that a change in the average balance has occurred or may occur. An applicant for a new license shall file a bond in an amount which the department estimates as 1-1/4 times the average amount of funds which the applicant, upon issuance of the license, is likely to hold during the first year of operation.
Frequently Asked Questions About Michigan § 333.21321
What does Michigan Compiled Laws § 333.21321 cover?
Section 333.21321 ("Bond required.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 333.21321?
A common citation format is "Michigan Compiled Laws § 333.21321" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 333.21321 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.