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Minnesota’s Commerce Department requires credit service organizations to register with the state, pay a fee, and provide evidence of obtaining surety bond. No formal training is required for licensing.
The state specifically defines credit services organizations as companies which:
New and renewal licensees file their application and surety bond for the credit repair surety bond through National Multistate Licensing System, NMLS.
Once purchased through our agency, we can electronically file the surety bond on your behalf directly to NMLS.
The Minnesota credit services organization is a $10,000 surety bond required by statute.
Qualifying is quick, easy and does not have a credit check or the standard underwriting procedure.
When you call us, we’ll take your application over the phone. After your payment of $100, the bond is issued to you immediately. We can also electronically file the surety bond on your behalf through NMLS, and we can send a copy of the bond to you by email.
The original copy of the bond will be sent to you by regular mail. You also have the option of electronically filing this bond on your own.
The Minnesota credit services organization surety bond expires annually on June 30th. The bond must be renewed annually, unless you choose a prepayment option.
While the standard surety bond term at a $100 premium is for one year (terminating on June 30th), you also have the option to prepay the bond for 2 or 3 years.
The premium breakdown is as follows:
The expiration date of the credit services organization bond is always June 30th regardless of the bond term.
This surety bond exists for the protection of the consumer. The bond is a financial guarantee that you will be in compliance with Sections 332.52 through 332.58 of the Minnesota Statutes.
The bond also protects those who suffer harm due to the failure of a credit repair company to follow current laws, and which in turn, harms the consumer. Such consumer protections encompass wrongdoing and unlawful acts committed by employees, agents, managers, and officers of a credit repair firm.
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.
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