{"data":{"id":"us-mi/mich.-comp.-laws-207.1060","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 207.1060","heading":"Filing new bond; circumstances; release of previous bond; reduced or disposed cash deposit.","body":"Sec. 60.\n\nThe department may require a licensee to file a new bond with a satisfactory surety in the same form and amount under either of the following circumstances:\n\nLiability upon the previous bond is discharged or reduced by the judgment rendered, payment made, or otherwise disposed of.\n\nThe department determines that a surety on the previous bond has become unsatisfactory.\n\nIf the department determines that the form and amount of the new bond is satisfactory, the department shall in writing release the surety on the previous bond from any liability accruing after the effective date of the new bond.\n\nIf a licensee has placed a cash deposit with the department and the cash deposit is reduced by a judgment rendered, payment made, or otherwise disposed of, the department may require the licensee to make a new deposit that is, at a minimum, equal to the amount of the reduction, or may require a new bond in an amount the department considers necessary.","path":["MI Code","Chapter 207","Act Act-403-of-2000"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-207-1060","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"0628ad9ad2c44ddf959731c1918dcbf3ae54e48392a42b89d12723751587b119","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-207.1059","next":"us-mi/mich.-comp.-laws-207.1061"},"notice":"GroundRules: Original legal text. Not legal advice."}