Details

The State form asks for the agency name, a description of its form and state of organization, and the address of the office covered. Its principal signature and notarial acknowledgment are for a general partner authorized to execute the bond for the partnership. The surety's attorney-in-fact signs a separate acknowledged block and must attach a power of attorney.

The statutory amount begins at $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 total. Use the partnership agency's relevant Minnesota figures, not all nationwide receipts or unrelated commissions, and confirm the required calculation with Commerce.

The model is a continuing obligation until cancellation, with one aggregate limit regardless of the years in force or number of claims. Surety cancellation becomes effective 30 days after written notice is sent to the Department, without affecting earlier liability. The surety must notify the Commissioner before paying a claim.

Commerce directs agency licensing through Sircon. Follow its instructions for uploading the original executed bond and the separately required agency documents. The agency license expires June 30; that licensing calendar is separate from the continuing bond's cancellation terms and from the agency-submitted registrations for its individual collectors.

Purchase Now opens Propeller's Minnesota partnership collection agency application in a new tab. Bring the partnership's legal name and organization, covered office, general partner's authority, required amount and Commerce request. Obtain the executed partnership acknowledgment and surety power of attorney, submit the bond as directed and complete the separate licensing process.