Minnesota Collection Agency Bonds
Minnesota Collection Agency Bond Information
A Collection Agency Bond is a type of surety bond required by Minnesota Statutes, Section 332.34, is to secure compliance by the bonded collection agency with terms of Minnesota Statutes, Section 332.31 to 332.45 and ensure faithful execution of other legal obligations arising out of the bonded collection agency's business conduct. This surety bond is written for the benefit of the State of Minnesota and anyone damaged financially as a result of the bonded collection agency's failure to comply with applicable Minnesota Statutes or other legal obligations.
How Much Does a Collection Agency Bond Cost in Minnesota?
Bonds up to $25,000
1% of the Bond Amount
Bonds over $25,000