Minnesota Credit Service Organizations Surety Bonds
If you run a credit services organization in the state of Minnesota, then you are required to obtain a Minnesota Credit Services Organization Surety Bond and be registered (licensed).
A Credit Services Organization is a person or company who is engaged, for a fee, in providing consumers with the improvement of a consumer's credit history or rating or obtaining a consumer credit extension. The Credit Services Organization Surety Bond ensures that consumers who hire a Credit Services Organization are protected for damages that may occur as a result of the actions of the Credit Services Organization.
Surety Bond and Registration Requirements:
- Applicants can apply for their registration/license through the National Mortgage Licensing System (NMLS).
- Complete the application and pay the registration/license fee.
- Provide a business plan, management chart, and an orgainizational chart.
- Obtain a $10,000 surety bond. The original bond will need to be mailed to the Department of Commerce. Surety bonds expire June 30 of each year.
- Complete the Statement of State or Federal Litigation or Unresolved Complaint and the BCA form. Mail directly to the Department of Commerce along with the original bond.
- Provide copies of document samples that will be used for business, including a disclosure statement, contract and a notice of cancellation.
- Provide formation documents for general partnerships, corporations, limited liability companies, limited liability partnership, unicorporated associations, limited partnership. If a sole proprietor operating under a business name, provide a Certificate of Assumed Name.
- Provide a copy of a Certificate of Authority or Good Standing Certificate.
- If any of the disclosure statements were answered "yes," provide an explanation for each answer.
- If operating under a trade name or dba, obtain a Certificate of Trade Name from the Minnesota Secretary of State and provide a copy with the application.
How Much Will This Bond Cost?
The premium that you pay for a Minnesota Credit Services Organization Surety Bond is dependent on credit.
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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