Title: Collection Agency and Debt Collector
Alternate Title:
Description: Collection agency means and includes any person engaged in the business of collection for others any account, bill or other indebtedness except as hereinafter provided. It includes persons who furnish collection systems carrying a name which simulates the name of a collection agency and who supply forms or form letters to be used by the creditor, even though such forms direct the debtor to make payments directly to the creditor rather than to such fictitious agency. Collector is a person acting under the authority of a collection agency and on its behalf in the business of collection for others an account, bill, or other indebtedness. Minnesota Department of Commerce
Subject: Debt Collection
Creation Date: 9/11/2008 2:11:54 PM
Modification Date: 6/1/2022 5:14:04 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
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.
Agency Phone: 651-539-1600
800-857-3602
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Unit Name: Licensing Unit
Unit URL:
Unit Description:
Unit Phone: 651-539-1599
800-657-3978
Unit Fax: Contact person(s): licensing.commerce@state.mn.us
Unit URL:
Audience: Hold
Application URL: https://www.pulseportal.com/
Renewal URL:
Versa URL:
Requirements:
Notice for Collection Agencies: The changes are effective June 1, 2022
Minn. Stat. § 332.33 LICENSING AND REGISTRATION.
Subd. 3. Term. Licenses issued or renewed and registrations received by the commissioner of commerce under sections 332.31to 332.44 shall expire on June 30. Each collection agency license shall plainly state the name and business address of the licensee, and shall be posted in a conspicuous place in the office where the business is transacted. The fee for each collection agency license is $500, and renewal is $400. The fee for each collector registration and renewal is $10, which entitles the individual collector to work at a licensee’s business location or in another location as provided under subdivision 5b. An additional branch license is not required for a location used under subdivision 5b. A collection agency licensee who desires to carry on business in more than one place shall procure a license for each place where the business is to be conducted.
Subd. 5b. Work from home. An employee of a licensed collection agency may work from a location other than the licensee's business location if the licensee and employee comply with all requirements under this section that would apply if the employee were working at the business location.
Review:
Debt Collections
Agency Registration
Collector Registration
Renewal
Rules:
Statutes: 332
Forms:
Collection Agency:
* Collection Agency Financial Statement form
* Officer list
* Electronic application at PULSE Portal
Debt Collector Registration:
Electronic application at PULSE Portal
Surety Bond Forms:
Collection Bond Form - Corp. or LLC
Collection Bond Form - Individual
Collection Bond Form - Partnership
Fees:
Collection Agency:
License - $1,000 ($500 of which is investigative fee) and $9.95 online system vendor fees.
Branch Office - $500
Renewal fee - $400
Reactivation fee (per lapsed license) - $500
Debt Collector:
Registration fee and Renewal- $10
Period of Issuance:
One year.
Length of Determination: 45 days from receipt of complete application.
Other Info:
Activity: Debt Collection
Collection Agency
License Detail URL:
Debt Collections
Financial Institutions
License Lookup Directory
