Minnesota Credit Services Organization Bond

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Credit service organization in Minnesota helping a customer

What is a Minnesota credit services organization bond?

Before you can obtain a license to run a credit services organization in Minnesota, you must purchase a $10,000 surety bond, according to the Minnesota Statutes. The bond ensures credit services organizations (CSOs) follow the law, run their businesses ethically, and abide by industry standards. If a CSO acts illegally or unethically, the injured party may file a claim on the bond for up to $10,000.

Get Your Credit Services Organization Bond:

How much does a Minnesota credit services organization bond cost?

ZipBonds offers this $10,000 bond for only $100 a year. You can purchase your bond online and get it approved instantly.

Who needs this bond and why?

All credit services organizations in Minnesota must obtain a license and bond to operate in the state. The Minnesota Department of Commerce defines CSOs as businesses that offer consumers the following services:

  • Improving a buyer’s credit rating or history
  • Obtaining an extension of credit for someone
  • Giving advice or assistance regarding the first two points

How does a credit services organization apply for a license in Minnesota?

Follow these steps to apply for your CSO license in Minnesota using the Nationwide Multistate Licensing System (NMLS).

  • Read the Minnesota Statute §332.60 before applying.
  • Gather all the documents you need according to the New Application Checklist and then follow the steps to complete your application successfully. One of the steps is obtaining a $10,000 surety bond.
  • Pay a $1,000 registration fee for each business location.
  • Follow the checklist carefully, submitting some documents via the NMLS online system and others to the Department of Commerce via mail.

Frequently Asked Questions

The Minnesota Department of Commerce regulates CSO registration and bonding in the state.

You must renew your bond annually before its expiration date (June 30). You must also renew your license annually by June 30 and your registration between November 1 and December 31.

The easiest way to avoid claims is to follow the laws in your state for your industry. Working professionally, addressing consumer complaints, and resolving them quickly can help prevent claims.

Other Helpful Resources

How to Get a CSO Bond in Minnesota

ZipBonds offers the fastest and most secure option for getting the surety bonds you need. Our all-digital platform is intuitive and straightforward. Apply online or call us at (888) 435-4191 to speak with an agent. Most of our bonds are approved and processed immediately from our site.


About ZipBonds.com

Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”

Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.