Minnesota Collection Agency/Debt Collector Bond's are required by Minnesota's Department of Commerce to obtain your Minnesota Collection Agency/Debt Collector Bond. The Minnesota Collection Agency Bond amount is set at $50,000.
a $50,000 surety bond
There are 3 parts to a Collection Agency surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Collection Agency Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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How to Register as a Collection Agency
A collection agency shall be exempt from the licensing and registration requirements of this chapter if all of the following conditions are met.