Specifications include, but are not limited to: 1. Carry all required bonds for the term of the contract: a. The State of Minnesota requires a surety bond in the sum of at least $50,000, see M.S. § 332.34. b. Federal regulations for student loans requires a fidelity bond equal to at least two months of expected collections c. Provide proof of bonding and acknowledge that your agency meets the Federal Regulation above. 2. The Contractor must currently hold, or will hold by the date of the Contract commencement, a Collection Agency license from the State of Minnesota Department of Commerce, and at least one state Debt Collector License in Minnesota and must be licensed in all other states requiring licensure in order to engage in debt collection activities there on behalf of Minnesota State. 3. All remittances must include the name of the borrower, identification number, amount paid per account, amount due to Minnesota State, the college or university per account and agency fee 4. Assign a client number for each of the Minnesota State colleges or universities as well as a distinction between loans and receivables