What is the amount of the surety bond Cool Binz has obtained in Minnesota?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
In recognition of the requirements of the Minnesota Franchises Law, Minn. Stat. 80C.01 through 80C.22, and the Rules and Regulations promulgated thereunder by the Minnesota Commissioner of Commerce, Minn. Rule 2860.0100 through 2860.9930, the parties to the attached Cool Binz International, LLC Franchise Agreement (the "Agreement") agree as follows:
Background. We and you are parties to that certain Franchise Agreement that has been executed concurrently with the execution of this Rider (the "Franchise Agreement"). This Rider is annexed to and forms part of the Agreement.
This Rider is being executed because (a) the offer or sale of the franchise for the COOL BINZ franchise you will operate under the Agreement was made in the State of Minnesota and you will operate the Franchise in the State of Minnesota and/or (b) you are a resident of the State of Minnesota.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
The 2025 Cool Binz FDD includes an addendum to the franchise agreement for use in Minnesota. This addendum acknowledges Minnesota's franchise laws, specifically Minn. Stat. 80C.01 through 80C.22, and Minn. Rule 2860.0100 through 2860.9930.
However, the excerpt does not specify whether Cool Binz has obtained a surety bond in Minnesota, nor does it provide an amount for such a bond. The document does mention surety bonds in general, noting that Cool Binz has posted a $59,900 surety bond with the Office of the Illinois Attorney General due to their financial condition, and that the California Department of Financial Protection and Innovation requires Cool Binz to maintain a $59,900 surety bond with the Hartford.
To determine if a surety bond is required in Minnesota and the specific amount, a prospective Cool Binz franchisee should directly ask the franchisor for clarification. They should also consult with a franchise attorney to ensure full compliance with Minnesota franchise laws.