Michigan Cosmetology School Bond's are required by Michigan's Board of Cosmetology to obtain your Michigan Cosmetology School Bond. The Michigan Cosmetology School Bond amount is set at $10,000.
a $10,000 surety bond
There are 3 parts to a Cosmetology School surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Cosmetology School Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
Try our 100% Secure Cosmetology School Bond Online Application to get the Lowest Cosmetology School bond rates in all 50 States.
You can buy your Michigan Cosmetology School Bond (Apply) online immediately
The above named owner(s) operating as the above named cosmetology school, hereinafter “Principal”, and the named surety company, hereinafter
“Surety”, being duly authorized by law to transact business in Michigan as surety, are bound unto the People of the State of Michigan, for the use and
benefit of Principal’s students, in the penal sum of Ten Thousand Dollars ($10,000.00), lawful money of the United States. Principal and Surety bind
themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, for the same.
WHEREAS, Principal is filing herewith an application with the Michigan Department of Licensing and Regulatory Affairs for a license to conduct a
school of cosmetology under the provisions of 1980 PA 299, as amended; and
WHEREAS, Section 1205, Subsection (1) (c) of 1980 PA 299, as amended, provides as follows:
“A cash or surety bond of $10,000.00 has been furnished in favor of the people of this state for the use and benefit of students and conditioned
upon the faithful performance and satisfaction of the contractual rights of students.”; and
WHEREAS, Principal and Surety agree that the Michigan Department of Licensing and Regulatory Affairs, the People of the State of Michigan, and
Principal’s students will rely hereon if said Department issues a cosmetology school license to Principal;
WHEREAS, Principal and Surety agree that this bond shall be effective upon approval hereof by the Michigan Department of Licensing and Regulatory
Affairs and in no event later than the time at which a cosmetology school license is issued to Principal; and
WHEREAS, Principal and Surety agree that this bond is to remain continuous as long as the school holds a license to operate. The bond may not lapse
or be cancelled prior to thirty (30) days after Surety gives the Michigan Department of Licensing and Regulatory Affairs actual notice of such lapse or
cancellation and that Surety shall remain liable for any breach of condition occurring up to the effective date of cancellation.
NOW, THEREFORE, the condition of the obligation is such that if Principal shall faithfully perform and satisfy the contractual rights of the students in
accordance with 1980 PA 299, as amended, and the Rules promulgated thereunder, this obligation shall be void; otherwise the same shall be in full
force and effect.