Minnesota Collection Agency Bond

Minnesota Collection Agency Bond

Minnesota Collection Agency Bond


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What is an Minnesota Collection Agency Bond? 


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. 


The State requires a Collection Agency bond for:  


a $50,000 surety bond

 

Different parts of a 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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Program:


You can buy your Minnesota Collection Agency Bond (Apply) online immediately


Minnesota Collection Agency Bond Information and Requirements:


  • How to Register as a Collection Agency

    1. Go to PulsePortal, select "Minnesota Department of Commerce" as the program, and "Debt" as the board. Then click on "Submit License Application" and follow the instructions from there
    2. Fees are paid via the online portal: The initial registration fee is $1,000 state fee
    • Each branch of a Collection Agency must obtain a separate license. The fee for a branch location is $500.00.   
    • The following must be uploaded under Required Items at the end of the application or emailed to [email protected]
    • The original Minnesota Surety Bond and Power of Attorney for each licensed place of business
    • Copy of business name approval that’s been filed with the MN Secretary of State
    • A Certificate of Authority to Transact Business that’s been filed with the MN Secretary of State.
    • If the business name of the collection agency is different from the legal name of the business a copy of the Certificate of Assumed Name that’s been filed with the MN Secretary of State.
    • Disclosure of Owners Partners and Officers form and a BCA form for each person listed on the disclosure form. 
    Surety Bond FormsChange in Owner, Partner, Officer or Director

  • Ownership Change Form (.pdf)

  • Exemption from Licensure
    1. the agency is located in another state that regulates and licenses collection agencies, but does not require a Minnesota collection agency to obtain a license to collect debts in their state if the agency's collection activities are limited in the same manner;
    2. the agency's collection activities are limited to collecting debts not incurred in this state from consumers located in this state; and
    3. the agency's collection activities in Minnesota are conducted by means of 
    4. interstate communications, including telephone, mail, electronic mail, or facsimile transmission.

    A collection agency shall be exempt from the licensing and registration requirements of this chapter if all of the following conditions are met.


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