Any person or entity applying for or holding a license to engage in the business of money transmission in Minnesota. Required when: Applying for a money transmission license or maintaining an existing license. Exemptions: Exemptions include the United States government and its agencies, the U.S. Postal Service, the st…
Overview
What it is.
Any person or entity applying for or holding a license to engage in the business of money transmission in Minnesota. Required when: Applying for a money transmission license or maintaining an existing license. Exemptions: Exemptions include the United States government and its agencies, the U.S. Postal Service, the st…
Who usually needs it
Any person or entity applying for or holding a license to engage in the business of money transmission in Minnesota.
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 amount is the greater of (i) $100,000, or (ii) 100% of the licensee's avera…Term lengthContinuousObligeeMinnesota Department of CommerceRenewalThe bond remains in effect until cancelled by the surety with 30 days' written notice to the commissioner. The license itself must be renewed annually through the NMLS, and the bond must be maintained at the required le…Bond classMiscellaneous CommercialCategoryReal EstateBondSurety BondStatutory referenceMinnesota Statutes § 53B.60JurisdictionState
