Minnesota Consumer Collection Agency Bond

MinnesotaThe State of Minnesota enacted a new bill regarding consumer collection agencies. The new bill, which is titled SB 2839, amplifies the surety bond required of consumer collection agencies from $20,000 to $50,000 plus an added $5,000 for every $100,000 acquired from debtors within Minnesota in the previous year. The surety bond cannot surpass $100,000. SB 2839 is effective for surety bonds attained or renewed after January 1st, 2011.