The Minnesota Collection Agency Bond is a type of surety bond required to obtain a collection agency license in the state. “Collection agency” or “licensee” means:

  • A person or entity engaged in the business of collection for others any account, bill, or other indebtedness.
  • A debt buyer.
Minnesota Collection Agency Bond

Click to view the bond form

It includes persons who furnish collection systems carrying a name which simulates the name of a collection agency and who supply forms or form letters to be used by the creditor, even though such forms direct the debtor to make payments directly to the creditor rather than to such fictitious agency. A collection agency is exempt from the licensing if all three of the following conditions are met.

  1. The agency is located in another state that regulates and licenses collection agencies, but does not require a Minnesota collection agency to obtain a license to collect debts in their state if the agency’s collection activities are limited in the same manner;
  2. The agency’s collection activities are limited to collecting debts not incurred in this state from consumers located in this state; and
  3. The agency’s collection activities in Minnesota are conducted by means of interstate communications, including telephone, mail, electronic mail, or facsimile transmission.

Surety Bond

  • Required by: Minnesota Department of Commerce
  • Minimum Bond Amount: $50,000**
  • Maximum Bond Amount: $100,000
  • Renewable (new bond is not required at renewal)
    **Minimum amount plus an additional $5,000 for each $100,000 received by the collection agency from debtors located in Minnesota during the previous calendar year not to exceed $100,000. 

This bond guarantees that the principle will abide by all Minnesota state laws outlined in the Minnesota under the Fair Debt Collection Practices Act Chapter 332. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

How to obtain a Minnesota Collection Agency License

Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.

 Go to PulsePortal, select “Minnesota Department of Commerce” as the program, and “Debt” as the board. Then click on “Submit License Application” and follow the instructions from there
  1. Fees are paid via the online portal: The initial registration fee is $1,000 state fee
    • Each branch of a Collection Agency must obtain a separate license. The fee for a branch location is $500.00
  2. The following must be uploaded under Required Items at the end of the application or emailed to
    • The original Minnesota Collection Agency Bond for each licensed place of business.
    • Copy of business name approval that’s been filed with the MN Secretary of State
    • A Certificate of Authority to Transact Business that’s been filed with the Minnesota Secretary of State.
      • This is not the same as a Certificate od Good Standing.
    • If the business name of the collection agency is different from the legal name of the business a copy of the Certificate of Assumed Name that’s been filed with the MN Secretary of State.
    • Disclosure of Owners Partners and Officers form and a BCA form for each person listed on the disclosure form.
    • Financial Statement form.
      • MN Department of Commerce Financial Statement Form (.pdf)
      • This information can be no more than six months old.
      • Bank name and account numbers are required.
      • A trust account is required unless you are a debt buyer and have indicated that you are a debt buyer on the application
  3. After the application is approved you will need to print the license on A State ID and PIN number will be printed on page 2 of the license. That number must be used to set up an account on PulsePortal. Once the account is set up for your agency, you will be able to submit individual debt collector registration applications and perform other functions on the system.

How to Obtain a Minnesota Collection Agency Bond

At we make it easy to obtain this surety bond. Apply for multiple state collection agency bonds with one application. Our simple three step process is:

  1. Complete the easy to navigate and secure online application1
  2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
  3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Minnesota Collection Agency Bond will be shipped to the bond principal (applicant) to be uploaded or emailed with the license application.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license. is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, is the premier online provider of surety bonds nationwide since 2003.

For a list of states that require collection agency bonds, visit our collection agency guide page.

How to Get Your Minnesota Collection Agency Bond

  1. Complete an online application. It’s free and no-obligation.
  2. One of our surety experts will contact you with a firm quote and an agreement to sign.
  3. Provide payment and your signed agreement, and then you will receive your Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

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Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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