Credit services organizations (CSOs) operating in Minnesota that, for a fee, offer to improve a consumer's credit rating or history, obtain credit for a consumer, or provide credit advice. Required when: At the time of registration with the Commissioner of Commerce. Exemptions: Exemptions include banks, savings associ…
Overview
What it is.
Credit services organizations (CSOs) operating in Minnesota that, for a fee, offer to improve a consumer's credit rating or history, obtain credit for a consumer, or provide credit advice. Required when: At the time of registration with the Commissioner of Commerce. Exemptions: Exemptions include banks, savings associ…
Who usually needs it
Credit services organizations (CSOs) operating in Minnesota that, for a fee, offer to improve a consumer's credit rating or history, obtain credit for a consumer, or provide credit advice.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license 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. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
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 amount$10,000Term lengthAnnualObligeeMinnesota Department of Commerce - Division of Financial InstitutionsRenewalThe bond and registration expire annually on June 30. Licensees must renew their registration through the Nationwide Multistate Licensing System (NMLS) between November 1 and December 31 each year and pay a renewal fee.Bond classLicense BondCategoryFinancial ServicesBondCredit Services Organization BondStatutory referenceMinn. Stat. § 332.55JurisdictionState
