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(MLCC) Proof of Financial Responsibility Form (LC-95) - michigan

(MLCC) Proof of Financial Responsibility Form (LC-95) - michigan 2025

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The document outlines the requirements for retail liquor licensees in Michigan to file and maintain Proof of Financial Responsibility with the Michigan Liquor Control Commission (MLCC). Effective April 1, 1988, licensees must provide proof of at least $50,000 through various means such as liquor liability insurance, constant value bonds, certificates of deposit, cash, stocks or bonds, combinations thereof, irrevocable trusts, or irrevocable letters of credit. Detailed instructions for each option are provided to ensure compliance with state regulations.

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What is proof of financial responsibility in Michigan?

Proof of financial responsibility means proof of ability to respond in damages for liability, on account of accidents occurring subsequent to the effective date of the proof, arising out of the ownership, maintenance, or use of a motor vehicle, in the amount of $20,000.00 because of bodily injury to or death of 1

What is the minimum financial responsibility limit in Michigan?

The minimum amount of Michigan auto insurance coverage is $50,000/$100,000/$10,000. In the event of a covered accident, your limits for bodily injury are $50,000 per person, with a total maximum of $100,000 per incident. It also covers up to $10,000 for damage to another persons property.

What is a statement of financial responsibility?

Financial institutions, including the financial offices of colleges and universities, are required by federal debt collection and consumer protection laws to be transparent with their billing and payment policies/procedures and collection requirements.

What happens to a driver in Michigan who cannot demonstrate proof of financial responsibility?

Penalties for driving without insurance in Michigan It is illegal to drive without insurance coverage in Michigan. If you are found to be doing so, you may have your license suspended until you provide proof of insurance. You may face fines of up to $500, as well as a reinstatement fee of at least $125.

What is proof of good standing in Michigan?

A Michigan Certificate of Good Standing is a document confirming that an entity is authorized to do business in Michigan and that the entity has maintained compliance with the states business requirements, such as filing annual reports and paying Michigan Business Tax or MBT.