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Commerce requires at least $50,000, with an additional $5,000 for each $100,000 received from Minnesota debtors during the preceding calendar year, less commissions earned on those collections, up to $100,000. Use the Department's worksheet and required amount. The relevant figures are not simply the firm's nationwide receipts.

The individual form requires the proprietor's signature and acknowledgment as owner, along with the surety attorney-in-fact's signature, acknowledgment and power of attorney. Arrange the required notarizations and match the principal name and office to the application. An employee collector should not sign as the agency proprietor.

This is a continuing obligation. Its aggregate liability does not increase with the number of claims or years in force. The surety's cancellation takes effect 30 days after notice is sent to the obligee, without removing liability already incurred. The form requires the surety to notify the Commissioner before paying a claim.

Submit the agency application through Sircon and upload the original executed individual bond. The financial statement, organization or assumed-name documentation and other application requirements remain separate. Once licensed, the agency submits its individual collectors' registrations; their registrations do not replace the proprietor's agency license.

Purchase Now opens Propeller's Minnesota individual collection agency application in a new tab. Have the proprietor's legal name, office, required sum and Commerce request ready. Check that the issued document is the individual-proprietorship form, complete its execution and upload it through Sircon. The June 30 agency-license renewal is a separate requirement, not something checkout completes.