1 (844) 589-9732

Minnesota Collection Agency Bond

The Minnesota collection agency bond is a $50k to $100k surety bond required of sole proprietors, corporations, and partnerships agencies in the state. Please call AmeriPro Surety Bonds for excellent premium pricing: 844-589-9732.

Minnesota Collection Agency Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Collection Agencies – Minnesota

 

 

 

For collection agencies in Minnesota, there are three different bond forms. The forms are based on the structure of your business. Pricing for the surety bond is not affected.

When you call us, we will need to know if your Minnesota collection agency business is:

  • A sole proprietorship;
  • A corporation;
  • Or, a partnership.

This will ensure that you will file the correct surety bond with the Commerce Department, which is the regulatory body which oversees collection agencies in the state. The link has information on licensing.

Once you have purchased the collection agency surety bond, you will also want to be careful to file both the surety bond AND the Power of Attorney that our agency will provide to you. The state will not accept your bond without both.

 

 

 

Minnesota Collection Agency Bond: The Amount Required

 

 

 

The Minnesota collection agency bond is a minimum $50,000 surety bond.

The bond amount required increases by $5,000 for each $100,000 that your collection agency company receives from debtors who are located in Minnesota, minus the amount of collections received by your agency on those same collections from the previous calendar year.

The bond amount is not to exceed $100,000.

This is required as per § 332.34 of the Minnesota Statutes.

 

 

 

Qualifying – Premium

 

 

 

For the $50,000 surety bond amount, there is no credit check or standard underwriting. This means that after completion of a short surety bond application, and payment of the premium, this bond is issued to you immediately.

The premium amount for a $50,0000 Minnesota collection agency bond is $375, annually.

For amounts greater than $50,000, for established collection agency businesses which are at least 3 years old, and meet some other easy requirements, we do offer streamlined processing for this bond.

If you do not qualify, however, then it’s very simple: You’ll just submit to our standard underwriting process, which involves a credit check. But you will still qualify for our excellent pricing levels!

 

 

 

The Bond Term:

 

 

 

The bond term is for one year. You have the option to prepay the bond for 2 or 3 years; however, you may wish to bear in mind that the amount of surety required may change (unless you purchase a $100,000 bond). Also, our agency offers no refund of the premium.

 

 

 

The Purpose of Your Surety Bond Requirement

 

 

 

The bond protects consumers from a collection agency business, of whatever structure, from the failure to comply with Statutes 332.31 to 332.45.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota. Our agency also provides surety bonds nationwide.

Please call us today:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you.

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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