{"id":868,"date":"2013-04-17T04:26:04","date_gmt":"2013-04-17T04:26:04","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=868"},"modified":"2017-01-03T16:20:37","modified_gmt":"2017-01-03T16:20:37","slug":"minnesota-collection-agency-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/minnesota-collection-agency-bond\/","title":{"rendered":"Minnesota Collection Agency Bond"},"content":{"rendered":"

A Minnesota collection agency bond<\/a><\/strong> is required from all parties that\u00a0conduct within the state a collection agency or engage within the state in the business of collecting claims for others. \u00a0As per Michigan statute\u00a0332.31, Subd. 3.<\/a>\u00a0“Collection agency” means and includes any person engaged in the business of collection for others any account, bill or other indebtedness except as hereinafter provided. 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. \u00a0The Minnesota collection agency bond<\/strong> must\u00a0be mailed to the Minnesota Department of Commerce along with a copy of the application confirmation page from\u00a0www.pulseportal.com<\/a>, Michigan’s licensing portal. \u00a0Pursuant to \u00a0Section 332.34<\/a>, The commissioner of commerce shall require each collection agency licensee to file and maintain in force a Minnesota collection agency bond<\/strong>, in a form to be prescribed by, and acceptable to, the Commissioner<\/a>, and in a sum of at least $50,000 plus an additional $5,000 for each $100,000 received by the collection agency from debtors located in Minnesota during the previous calendar year, less commissions earned by the collection agency on those collections for the previous calendar year. The total amount of the Minnesota collection agency bond<\/a><\/strong> shall not exceed $100,000. \u00a0The bond obligation<\/a> is a simple compliance undertaking, guaranteeing that the licensee will follow the pertinent sections of the law regulating his or her conduct. \u00a0Minnesota surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0is the ‘No. 1’ bonding resource for the financial services sector. \u00a0We offer this class of\u00a0surety bond\u00a0<\/em>to all applicants in every state where bonds are required of collection agencies. We also offer superlative\u00a0fidelity bond<\/a>\u00a0coverages especially for colletions agencies to mitigate the risk of internal dishonesty losses. \u00a0Visit us at\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Minnesota collection agency bond<\/strong>\u00a0application or information about bonding need.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Minnesota collection agency bond is required from all parties that\u00a0conduct within the state a collection agency or engage within the state in the business of collecting claims for others. \u00a0As per Michigan statute\u00a0332.31, Subd. 3.\u00a0“Collection agency” means and includes… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1068,1070,1069,1071],"yoast_head":"\nMinnesota Collection Agency Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/minnesota-collection-agency-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minnesota Collection Agency Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A Minnesota collection agency bond is required from all parties that\u00a0conduct within the state a collection agency or engage within the state in the business of collecting claims for others. \u00a0As per Michigan statute\u00a0332.31, Subd. 3.\u00a0“Collection agency” means and includes... 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