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Commerce requires at least $50,000, plus $5,000 for each $100,000 received from Minnesota debtors during the preceding calendar year, less commissions earned on those collections, capped at $100,000. Use the official worksheet and the Department-required amount. Do not substitute total nationwide business or assume the initial amount remains sufficient at renewal.

Select the entity form before executing the bond. The individual-proprietorship form requires the owner's signature and acknowledgment; the partnership form uses the general partner. Each also requires the surety attorney-in-fact's signature, acknowledgment and attached power of attorney. A corporation or LLC uses the Department's separate form.

The forms describe one continuing obligation, with aggregate liability that does not increase with the number of claims or years in force. The surety's cancellation becomes effective 30 days after notice is sent to the obligee, without erasing prior liability. The surety must notify the Commissioner before paying a claim.

The Department directs agency applications through Sircon. Obtain the original executed entity-appropriate bond and upload it to the online application. Complete the required financial statement, organization and assumed-name documentation, and other application questions. An individual debt collector's registration must be submitted by the licensed agency; it does not replace the agency application.

Purchase Now opens Propeller's Minnesota collection agency application in a new tab. Have the legal organization, office, required sum and Commerce request ready. Confirm which Department form the provider will issue under this general option, complete its execution and upload the accepted document through Sircon. The agency license expires June 30 and requires its own renewal; checkout does not approve or renew it.