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Click ‘Get Form’ to open the Voluntary Surrender Request Form (FIS 2328) in our editor.
Begin by entering your required information in the designated fields. Fill in your last name, first name, middle name or initial, and suffix if applicable. Ensure you also include your Michigan System ID and National Producer Number.
Indicate your understanding of voluntarily surrendering your entire Michigan insurance license by checking the appropriate box. Select the license type(s) you wish to surrender from the provided options.
If you intend to maintain your Michigan insurance producer license but surrender specific lines of authority, check the corresponding box and select the lines you wish to surrender.
Complete the attestation section by signing and dating the form. Include your email address and title if representing a business entity.
Once completed, submit the form via mail, fax, or email as instructed at the bottom of the document.

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Versions	Form popularity	Fillable & printable
2020	4.8 Satisfied (45 Votes)
2018	4.4 Satisfied (169 Votes)
2018	4.1 Satisfied (52 Votes)

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How does a voluntary surrender work?

While surrendering the vehicle voluntarily may be seen more favorably by lenders compared to repossession, it can still result in a substantial drop in your credit rating. Additionally, you may remain liable for any shortfall balance after the vehicle is sold at auction, further adding to your financial obligations.

What are the consequences of voluntary surrender?

Although you did not quite get to the point of involuntary repossession, your voluntary repossession might stay on your credit report for up to seven years. In addition to being visible on your credit report, a voluntary repossession can cause your credit score to drop dramatically, on average, by about 100 points.

What is a voluntary surrender form?

When you cant afford your car anymore and are in danger of losing it to repossession, you can give the vehicle back to the lender before its taken. This is called a voluntary surrender or voluntary repossession.

What is a surrender request form?

A surrender form for a life insurance policy simply cancels the policy. When the policy is canceled, you will receive its surrender value - the cash value (the balance in your policys cash value account) minus the surrender fees.