Minnesota Statutes
§ 332.34 — BOND
Minnesota § 332.34
This text of Minnesota § 332.34 (BOND) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Minn. Stat. § 332.34 (2026).
Text
The commissioner of commerce shall require each licensee to file and maintain in force a corporate surety bond, in a form to be prescribed by, and acceptable to, the commissioner, and in a sum of at least $50,000 plus an additional $5,000 for each $100,000 received by the collection agency from debtors located in Minnesota during the previous calendar year, less commissions earned by the collection agency on those collections for the previous calendar year. The total amount of the bond shall not exceed $100,000. A licensee may deposit cash in and with a depository acceptable to the commissioner in an amount and in the manner prescribed and approved by the commissioner in lieu of a bond.
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Legislative History
1969 c 766 s 4;1973 c 720 s 54subd 2;1979 c 144 s 6;1980 c 516 s 2;1981 c 229 s 1;1983 c 289 s 114subd 1;1984 c 655 art 1 s 92;1986 c 444;1987 c 37 s 3;1996 c 439 art 1 s 16;1997 c 222 s 52;2010 c 384 s 94;1Sp2021 c 4 art 5 s 14
Nearby Sections
15
§ 332.301
BOND; BACKGROUND CHECK§ 332.302
CONTRACTS; NOTICE TO MORTGAGOR§ 332.303
SEGREGATED ACCOUNTS§ 332.31
DEFINITIONS§ 332.311
TRANSFER OF ADMINISTRATIVE FUNCTIONS§ 332.32
EXCLUSIONS§ 332.33
LICENSING AND REGISTRATION§ 332.3352
WAIVER OF LICENSING AND REGISTRATION§ 332.34
BOND§ 332.345
SEGREGATED ACCOUNTS§ 332.355
AGENCY RESPONSIBILITY FOR COLLECTORS§ 332.37
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Bluebook (online)
Minnesota § 332.34, Counsel Stack Legal Research, https://law.counselstack.com/statute/mn/332.34.