Any person or entity engaged in the business of collection for others any account, bill, or other indebtedness (Collection Agency), including debt buyers. Required when: Required as a condition of obtaining and maintaining a collection agency license in Minnesota. Exemptions: An out-of-state collection agency is exemp…
Overview
What it is.
Any person or entity engaged in the business of collection for others any account, bill, or other indebtedness (Collection Agency), including debt buyers. Required when: Required as a condition of obtaining and maintaining a collection agency license in Minnesota. Exemptions: An out-of-state collection agency is exemp…
Who usually needs it
Any person or entity engaged in the business of collection for others any account, bill, or other indebtedness (Collection Agency), including debt buyers.
Pricing & timing
What to expect.
Generic pricing
Miscellaneous commercial bonds cover a wide range of business obligations not fitting other categories. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Pricing varies by specific bond type and requirements. Some miscellaneous bonds may price higher depending o…
Typical timeframe
Credit-based approval — varies by bond type
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMNBond amountThe bond amount is at least $50,000 plus an additional $5,000 for each $100,000…Term lengthContinuousObligeeMinnesota Department of CommerceRenewalThe bond must be maintained in force as long as the license is active. The bond amount must be recalculated and adjusted annually based on the previous calendar year's collection volume.Bond classMiscellaneous CommercialCategoryFinancial ServicesBondCorporate Surety BondStatutory referenceMinnesota Statutes Section 332.34JurisdictionState
