License Information
Collection Agency and Debt Collector
The license information below is specific to the state of Minnesota.
Description
License Requirements:
Collection Agency:
-Electronic Application
-Financial statement
-$20,000 surety bond
-Register with the MN Secretary of State - copy of certificate.
-Officer list
-Copy of articles from state of domicile
Debt Collector Registration:
-Electronic Application
License Fees:
Collection Agency:
License - $1,000 ($500 of which is investigative fee).
Branch Office - $500
Renewal fee - $400
Reactivation fee (per lapsed license) - $500
Debt Collector:
Registration fee and Renewal- $10
Period:
One year.
Determination:
45 days from receipt of complete application.
Other Information:
See Minn. Stat. 332, sections 31-51.
Licensing Authority
Commerce, Minnesota Dept. of Licensing Unit Minnesota Department of Commerce,85 7th Place East, Suite 600,St. Paul,MN 55101 3165,6512966319,licensing@state.mn.us,http://www.commerce.state.mn.us/
Phone: (651) 296-6319
Email: licensing@state.mn.us
http://www.commerce.state.mn.us/
Data is collected by the Department of Employment and Economic Development.
