The Minnesota Debt Management Services Bond is required by the State of Minnesota, Department of Commerce. The purpose of this bond is to secure the compliance of the bondholder with the terms of the Minnesota Statutes, Chapter 332A. The bond amount must be equal to the largest amount, which may, or has accrued in the Trust account during the year. It can not be less than $5,000.
Surety1 has access to the best surety markets available. We will get you bonded quickly with the best possible price.
Who needs a Debt Management Services Bond?
Anyone who aids over-extended consumers with financial planning by developing a budget and receiving funds from the consumer to repay creditors. A physical presence in Minnesota is not required.
What are the other licensing requirements for Minnesota Debt Management Services?
- Completed registration form.
- Nonrefundable registration fee of $1,000.
- Certificate of Authority from the Minnesota Secretary of State
- Certificate of Assumed Name from the Minnesota Secretary of State if DBA name is different from the full legal name of individual or business entity.
- Board of Director resolution.
- Name and address of the registered agent authorized to accept service of process.
- Copy of standard debt management services provider agreements.
- Proof of accreditation.
- Evidence of current workers’ compensation insurance.
Where can I get a Minnesota Debt Management Services Bond?
Through our partnership with over a dozen A-rated surety markets, we can get you this bond for the lowest price possible. Complete our free online application form. A licensed agent will provide you with a no-obligation quote on the premium and answer any question you may have. After paying the premium the bond will be mailed to you through USPS Priority Mail. Overnight delivery is available at an additional cost.
Surety1 has been issuing surety bonds for all 50 states since 2003. We also have an A+ rating from the Better Business Bureau.