Minnesota collection agency bonds.
From $250.
Minnesota licenses collection agencies through the Department of Commerce, and Minn. Stat. § 332.34 requires every licensee to maintain a corporate surety bond of at least $50,000, plus $5,000 for each $100,000 collected from Minnesota debtors last year, capped at $100,000. Ours is 0.5% of the bond amount.
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How much does a Minnesota collection agency bond cost?
0.5% of the bond amount, from $250 at the $50,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The collection agency bond is checkout-rated — enter your amount, pay, and file it with your Commerce license. Here is the whole process:
Apply online
Agency details, your bond amount, an effective date, and a term. That is the application. No credit check up to $200,000. Above that, the carrier may run a soft pull, which never affects your score.
Pay & e-sign
The premium is 0.5% of the bond amount — checkout-priced, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.
File with the Department of Commerce
Your executed bond arrives by email on the form Commerce prescribes, ready to file with your collection agency license application or renewal. Wet-ink original mailed on request.
What it is and who needs it.
What the collection agency bond guarantees
Minnesota regulates debt collectors under Minn. Stat. ch. 332, and the Commissioner of Commerce licenses collection agencies operating in the state. Section 332.34 directs the commissioner to require each licensee to file and maintain in force a corporate surety bond, in a form the commissioner prescribes and accepts, as a standing condition of the license.
The penal sum is not a single number — it starts at $50,000 and grows by $5,000 for each $100,000 the agency received from Minnesota debtors during the previous calendar year, less the commissions it earned on those collections, and the total may not exceed $100,000. A licensee may deposit cash with an approved depository in lieu of a bond, but the surety bond is the ordinary route.
It is not insurance for you — the bond answers to the state and to the creditors and debtors your agency handles money for. If the surety pays a claim, you repay the surety. Because the amount is recalculated from last year's collections, we track your term and send renewal notices 60 and 30 days out so the license never sits unbonded.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the Department of Commerce. Your executed bond arrives by email on the form Commerce prescribes, ready to file with your collection agency license application or renewal. Wet-ink original mailed on request.
What sets the price
The premium is 0.5% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $200,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — agency details, your bond amount, an effective date, and a term. That is the application.
Start the application →Common questions.
Other Minnesota bonds.
The same bond in nearby states.
Price and requirements checked on the carrier’s application, . Page updated .
Collection agency bond, filed today.
0.5% of the bond amount, issued the moment you pay. No credit check up to $200,000. Above that, the carrier may run a soft pull, which never affects your score. Free until issued.