Under Michigan Act 299, a contractor's license is suspended for failure to maintain required insurance. What is the standard reinstatement fee after correcting the deficiency?
Correct Answer
A) $150
Michigan Act 299 establishes a $150 reinstatement fee for licenses suspended due to insurance deficiencies once the contractor provides proof of required coverage.
Why This Is the Correct Answer
Michigan Act 299 establishes a $150 reinstatement fee for licenses suspended due to insurance deficiencies once the contractor provides proof of required coverage.
More mi-business Questions
A Michigan contractor forms an S-Corporation. What is the maximum number of shareholders allowed?
A contractor's employee is injured on a job site in Michigan. The contractor's workers' compensation insurance has a $500 deductible per claim. The total medical costs are $12,500 and lost wages are $3,200. What is the contractor's out-of-pocket cost for this claim?
What is the minimum general liability insurance coverage amount required for Michigan residential builders?
Under Michigan Act 299, what is the consequence for a contractor who performs work outside the scope of their license classification?
A contractor discovers that a subcontractor has filed a construction lien against their project. The general contractor believes the lien is invalid. What is the primary legal mechanism to challenge the lien in Michigan?
Under Michigan Act 299, what happens if a contractor continues to work without a valid license after it expires?
Which of the following best describes the 'pay when paid' clause limitation under Michigan law?
A project has total costs of $180,000 including $75,000 labor and $105,000 materials. With workers compensation at 7.8% of labor costs and general liability at 0.4% of total costs, what are the combined insurance costs?
A Michigan contractor is forming an LLC. What is the minimum general liability insurance coverage required for residential builders under Michigan law?
Under Michigan Act 299, a contractor's license must be renewed every:
People Also Study
Business & Financial Management
120 questions · 70% to pass
Contract Administration
60 questions · 70% to pass
Project Management
60 questions · 70% to pass
Related Study Resources
Previous Question
A Michigan LLC contractor has 8 employees with a total annual payroll of $320,000. If the workers compensation rate is 6.2% and the experience modification factor is 0.85, what is the annual premium?
Next Question
A Michigan contractor completes $85,000 worth of work but has not been paid. Under the Construction Lien Act 497, what is the maximum lien amount that can be claimed?