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Minnesota Collection Agency Bond

How much does a collection agency bond cost in Minnesota?

The Minnesota Department of Commerce mandates that all collection agencies post a $50,000 surety bond. The exact cost of the surety bond depends on a review of the applicant’s credit score. Those with exceptional credit could pay as low as 1% of the total bond amount.

SuretyBonds.com offers an exclusive bad credit bonding program through which we can approve 99% of applicants.

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Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Collection Agency Bond $50,000 Starts at $500 $2,000-4,000 $5,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. One of our expert surety specialists will contact you right away to walk you through the quick and easy bonding process and provide you with a free surety bond quote.

Why do I need this bond?

A surety bond for collection agencies is required by the state of Minnesota under the Fair Debt Collection Practices Act Chapter 332. A complete list of rules and regulations can be found in the Additional Resources section at the bottom of this page.

A collection agency surety bond ensures that the principal (collection agency) adheres to the regulations and standards of the state. Should a collection agency fail to adhere to these rules in such a way that causes verifiable financial losses to their clients, a claim may be made against the collection agency’s bond. The surety will cover the initial cost, but the collection agency must reimburse the surety.

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What’s the fine print?

Collection agency bonds are in effect for a one-year term and must be renewed annually. The term may end sooner if there is a claim against the agency or it is cancelled by the surety. However, the surety must give 30 days’ notice to the Department of Commerce before the cancellation is can take effect.

How to become a collection agency in Minnesota

There are three separate types of collection agencies that are all required to obtain a $50,000 surety bond:

  • Corporate Collection Agency
  • Individual Collection Agency
  • Partnership Collection Agency

Each separate surety bond form can be found in the Additional Resources section below.

To become a registered collection agency in Minnesota, an applicant must take the following steps:

  • Fill out an application on the Minnesota Department of Commerce website, provided below in the Additional Resources section
  • Pay $1,000 application fee
  • Each additional branch of the collection agency requires a $500 fee

The Department of Commerce uses a system called ”Pulse Portal” for their applications. It is important to read through the step-by-step directions on their site in order to fill out the correct application.

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Additional Resources

Fair Debt Collection Practices Act Chapter 332

Collection Agency Registration Page

Corporate/LLC Collection Agency Application

Individual Collection Agency Application

Partnership Collection Agency Application

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