What is a Minneapolis Business License Bond?
Understand what this important business license requirement is for and how to easily apply for one!
A surety bond is a licensure requirement for businesses in the City of Minneapolis. The requirement is mandated by Chapter 259 of the Minneapolis Code of Ordinances and enforced by the Division of Licenses and Consumer Services of the Minneapolis Department of Regulatory Services.
What is the bond amount?
The bond amount varies.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Minneapolis Business License bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business in the State of Minnesota such as Surety Bond Authority
- The licensee is obligated to abide by the provisions of Chapter 259 of the Minneapolis Code of Ordinances, the rules and regulations of the Division of Licenses and Consumer Services of the Minneapolis Department of Regulatory Services, the state laws, and all the other applicable laws that govern businesses in Minneapolis
- If the licensee commits a valid violation, the aggrieved party will be eligible to file a claim on the bond
- The surety bond’s validity will depend on the type of license
- In case of cancellation, a 30-day notice is required
How can I obtain this type of bond?
To secure this type of bond, the licensed Contractor must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Steps in acquiring a Business License
- Check which license type you need from the list
- Complete the license application form
- Submit your completed license application form to the Minneapolis Development Review Office
- A licensed inspector will review the application, and then contact you once it has been approved
Are you ready to start on this bond? Apply HERE!