Section R. 205.403 - Surety bond; financial statementRule 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 may 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.Mich. Admin. Code R. 205.403