Collection Agency and Debt Collector
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1599 | (800) 657-3978 (MN only, outside Metro area)
Contact Info: email@example.com
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Minn. Stats. 332
* Collection Agency Financial Statement form
* Officer list
* Electronic application at Pearson VUE PULSE portal
Debt Collector Registration:
Electronic application at Pearson VUE PULSE portal
Surety Bond Forms:
-Surety bond (see Minn. Stat. § 332.34 to calculate amount)
-Register with the MN Secretary of State - copy of certificate.
-Copy of articles from state of domicile
Debt Collector Registration
A collection agency/branch representative must go to the Pearson VUE PULSE portal website, log into the agency's user account, click on "Minnesota Department of Commerce" for the program and "Debt" for the board, and click on "Submit License Application" and "Begin an Individual License Application."
After submittal of an individual debt collector registration application, applicant should do an application status inquiry on Pearson VUE PULSE portal to see when the registration is issued.
The debt collector must be employed by a collection agency that holds a Minnesota license for the physical location where the debt collector conducts business.
License - $1,000 ($500 of which is investigative fee).
Branch Office - $500
Renewal fee - $400
Reactivation fee (per lapsed license) - $500
Registration fee and Renewal- $10
The online system vendor also charges a $9.95 application fee and a credit card processing fee.
Period of Issuance:
Length of Determination Process:
45 days from receipt of complete application.
Other Pertinent Information:
See Minn. Stat. § 332.31-51.