In Minnesota, a new bill was introduced affecting debt settlement service providers. The new bill is named HB 2123 and subjects debt settlement service providers to the present surety bond requirements applied to debt management service providers. The present law requires debt management service providers to acquire a surety bond or other security in a quantity no less than $5,000. The Commissioner of Commerce establishes the amount required. HB 2123 was enclosed in one of the yearly budget bills, and the Governor’s line item veto did not influence the fresh license bond requirement.
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. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.