Minnesota collection agency bonds — individual.
From $500.
This is the Minnesota collection agency bond on the Department of Commerce form for a sole proprietor. Minn. Stat. § 332.34 requires every licensee to 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.
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How much does a Minnesota collection agency bond cost?
1% of the bond amount, from $500 at the $50,000 minimum. Enter your amount in the calculator for the exact price.
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 application. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Pay & e-sign
The premium is 1% of the bond amount — 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
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 individual form, ready to file with your collection agency license application or renewal. Wet-ink original mailed on request.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. 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 — your details, your bond amount, an effective date, and a term. That is the application.
Start the application →Common questions.
Other Minnesota bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Individual collection agency bond, filed today.
1% of the bond amount, issued the moment you pay. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score. Free until issued.