MN collection agency bonds — individual.
1% of the bond amount.
The Minnesota collection agency license bond, executed on the Department of Commerce form for a sole proprietor. Minn. Stat. § 332.34 requires every licensee to file and maintain a corporate surety bond of at least $50,000, growing with prior-year Minnesota collections to a $100,000 cap. Ours is 1% of the bond amount, $100 minimum, the bond issues the moment you pay, and any credit screen is a soft credit pull only — it never affects your score.
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Three steps. One sitting.
Same statute, the individual signature block. Enter your amount, pay, and file it with your Commerce license:
Apply online
Your details, your bond amount, an effective date, and a term. That is the entire application — any credit screen is a soft pull that never shows as a hard inquiry.
Pay & e-sign
The premium is 1% of the bond amount, $100 minimum — checkout-priced, so the bond issues the moment you pay, executed in your own name as principal.
File with the Department of Commerce
Your executed bond arrives by email on the individual form, ready to file with your collection agency license application or renewal. Wet-ink original mailed on request.
What it is and who needs it.
Why there is a separate individual form
The obligation is identical to every other Minnesota collection agency bond: Minn. Stat. § 332.34 directs the Commissioner of Commerce to require each licensee to file and maintain in force a corporate surety bond, in a form the commissioner prescribes, as a standing condition of the license.
What changes is the principal. When the licensee is a sole proprietor rather than a company, Commerce takes the bond form whose execution block names the individual — signed personally, not by an officer. A corporate-form bond submitted for an individual licensee is a routine rejection.
The penal sum still starts at $50,000 and grows by $5,000 for each $100,000 received from Minnesota debtors in the previous calendar year, less commissions earned, capped at $100,000. It is not insurance for you — if the surety pays a claim, you repay the surety personally. We track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
One application, issued instantly.
These are the actual issuing fields — your details, your bond amount, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Other Minnesota bonds.
Individual collection agency bond, filed today.
1% of the bond amount, $100 minimum, issued the moment you pay. Soft pull only. Free until issued.