The Minnesota Credit Services Organization Bond is required by the Department of Commerce of the State of Minnesota. According to Minnesota Statutes Chapter 332.52, a Credit Services Organization is any person that sells, provides, or performs any of the following in exchange for payment:
- Improve a buyer’s credit record, history, or rating
- Obtain an extension of credit for a buyer
In order to conduct business in the State of Minnesota, all Credit Services Organizations must register with the Department of Commerce. A Surety Bond must be included in the Nationwide Multistate Licensing System licensure application. The Minnesota Credit Services Organization Surety Bond protects buyers against any damages incurred by the organization’s failure to comply with Minnesota Statutes, Section 332.52 to 332.58.
The required amount for this bond is $10,000.
APPLY for your Minnesota Credit Services Organization Surety Bond today!
Other Licensing Requirements:
- License/Registration Fee: $1,000
- MU1 form
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure Questions
- Control Person (MU2) Attestation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Documents
- Management Chart
- Organizational Chart/Description
For more licensing information, visit the Nationwide Multistate Licensing System HERE.
Where can I get a Credit Services Organization Bond?
It does not take long to process this type of surety bond. We offer an easy to use online application that can be completed in a matter of minutes. After applying, within one business day you will be contacted by one of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bond will be mailed to you via USPS priority mail. Overnight delivery is also available.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Minnesota since 2003.