Minnesota Cosmetology School Bond |
AmeriPro Surety Bonds | 844-589-9732
Cosmetology Schools – Minnesota
Cosmetology schools in Minnesota are licensed and regulated by the state’s Board of Cosmetology. The provides an application for candidates in a pdf format.
As of this writing, the licensing for a Minnesota cosmetology school has a $4,000 license fee. Additionally, you are required to furnish the appropriate surety bond (which the state lists under Step 9).
Our agency will help you to purchase the required surety bond whether this is your first time or you require a renewal surety bond.
Amount of Surety Bond Required
The Minnesota cosmetology school bond has a minimum amount of $10,000; however, if you are a new school, you must post a bond in the amount that you anticipate will be received from students in the form of tuition and other fees.
If you are an existing school, the amount of surety bond required must be at least 10% of the gross tuition, fees, and other “institutional charges” received. The minimum amount is still $10,000.
Furthermore, you are required to file a separate surety bond for each location of your cosmetology school.
And, at the time of the filing of your surety bond, you must also include an explanation which explains to the Board of Cosmetology how you arrived at the amount required.
Qualifying & the Premium
For the $10,000 surety bond, qualifying is by completion of a standard surety bond application and paying, the $100 premium, and the bond is issued to you immediately. There is no credit check nor underwriting for the $10,000 surety amount.
Amounts greater than $10,000 will have the same application and the additional requirements of review by an underwriter along with a credit inquiry.
The premium is an estimate only, but will typically be about 1% of the amount required; however, the amount required may be higher.
The purpose of your cosmetology school bond is to serve as a financial guarantee which products your students from financial loss due to a breach of contract by a licensed school against any student.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota.
We also provide surety bonds nationwide.
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