The 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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.