Contact Our Experts
(888) 592-6631

Minnesota Collection Agency License: Step-by-Step Guide

In Minnesota, any entity which operates and engages in the business of collecting any bill, account, or other indebtedness for others is required to obtain a Collection Agency License from the state.


The Minnesota Department of Commerce regulates and supervises the Collection Agency licenses.


The licensing application process for companies and individuals is handled by Pulse Portal, a credentials management system for licensing and certification programs which allows entities to apply or renew a license online.

1

All MN Collection Agency license applications must be submitted online through Pulse Portal. To apply for a license, follow the steps provided on the site.


For further information, you may visit the Minnesota Department of Commerce’s Debt Collections page .


Note: Each Collection Agency branch location must obtain a separate license.


2

Fulfill Requirements and Obtain Required Documents

Apart from submitting a completed application via Pulse Portal, applicants are also required to fax the following documentation to the MN Department of Commerce (along with a copy of the application confirmation page from Pulse Portal):


  • Certificate of Assumed Name: A copy of the certificate is required for all applicants operating under a name different from their legal name. The Certificate of Assumed Name must be stamped and issued by MN Secretary of State.


  • Formation Documents: Fax a certified copy of the applicable documentation:

    • Corporations: Articles of Incorporation, filed and stamped by the Secretary of State.

    • Limited Liability Companies: business organization documents.

    • Partnerships: partnership agreement.


  • Disclosure of Owners, Partners, Officers: The form must include names and addresses of officers, directors, owners, shareholders (with at least 25% shares), partners, or employees with management/policy control in the company.


3

Obtain Your MN Collection Agency Bond

In Minnesota, Collection Agency licensees are required to furnish and maintain a corporate surety bond of at least $50,000 (but no more than $100,000).


Bond amounts are based on the amount received by the collection agency from Minnesota debtors over the previous calendar year. The $50,000 bond amount will be increased by $5,000 for each $100,000 received, less the amount of commission earned for those collections for the previous year.


  • Bond Amount: $50,000 - $100,000


Get a FREE Collection Agency Bond Quote Today

Get free pricing from the top bond companies in the U.S.

Get Your Free Quote No obligation | 100% Secure
Surety-bond-quote-icon


4

License Fees

Fees must be paid online via Pulse Portal. Credit card processing fees will be charged as well.


  • Application fee: $9.95

  • Collection Agency Licensing Fee: $1,000

  • Collection Agency Branch License Fee: $500

5

Submit Your Collection Agency License Application

Complete and submit your MN Collection Agency License application via Pulse Portal. Fax all applicable additional documentation to the Minnesota Department of Commerce at (651)539-0111.


For assistance or further information regarding the licensing process, you may contact the Minnesota Department of Commerce at (651)539-1599.


Get Your Free Licensing Tips

Get free licensing tips sent straight to your inbox.

  • Learn how to get licensed in a few easy steps
  • Understand the licensing requirements for your state
  • Learn how to stay compliant
  • Get a free license bond quote in minutes
Get Your Free Licensing Tips
We'll never share your information with third parties.

Get Your Surety Bonds from the Best Bonding Companies
We work with the top A-rated, T-listed surety bond companies in the nation

Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

The Nation’s #1 Volume Surety Bond Service
Our company writes $4,000,000,000+ in bonds each year!
  • #1 Bond Writer
    We are the nation's largest volume bond producer.
  • Easy Process
    Fastest online surety bond application process; we approve bonds instantly.
  • Lowest Rates
    Our high volume allows us to negotiate lower rates on your behalf.
  • Claim Specialists
    Your JW surety bond agent will be your claims advocate when you need them most.

Don't wait days to get bonded. Get your surety bond instantly!

Get Your Free Bond Quote