Minnesota Finance Licensing
Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Minnesota.
- Jump To:
- Minnesota Financial Services Company Licenses
- Minnesota Individual Financial Services Licenses
Company Licenses
Minnesota Financial Services Company Licenses
Minnesota Accelerated Mortgage Payment Provider License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Collection Agency Branch License
Initial Registration
| Filing Method: | |
| Agency Fee: | $500 registration fee + $9.95 application fee. |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $400 + $9.95 application fee. |
| Due: | Annually by June 30. |
Amendment
| Filing Method: | |
| Agency Fee: | $0 |
| Notes: | Licensees can change their address and manage employees through the PULSE portal. |
Minnesota Collection Agency Exemption
Initial Registration
| Filing Method: | |
| Agency Fee: | $0 |
Renewal Not Required
Not required
Exemptions do not expire once granted as long as the exempt agency continues to operate under exemption criteria.
Minnesota Collection Agency License
Initial Registration
| Filing Method: | |
| Agency Fee: | $1,000 registration fee + $9.95 application fee. |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $400 + $9.95 application fee. |
| Due: | Annually by June 30. |
Amendment
| Filing Method: | |
| Agency Fee: | $0 |
| Notes: | Licensees can change their address and manage employees through the PULSE portal. |
Minnesota Consumer Small Loan Lender Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Consumer Small Loan Lender License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license fee per headquarters + $250 license fee per branch |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Credit Services Organization License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $100 |
| Due: | Annually by December 31. |
| Notes: | CSOs must renew their NMLS registration and, separately, renew their license. |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $1,000 |
| Due: | Annually by June 30. |
| Notes: | CSOs must renew their NMLS registration and, separately, renew their license. |
Minnesota Currency Exchange Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 application fee + $500 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Annually by September 1. |
Minnesota Currency Exchange License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 application fee + $500 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $500 |
| Due: | Annually by September 1. |
Minnesota Currency Exchange Registration
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $0 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | You will be invoiced for a renewal fee. Remit your payment through NMLS after you receive the invoice. |
| Due: | Annually by September 1. |
Minnesota Debt Management Services Provider Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $0 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | Annually by December 1. |
Minnesota Debt Management Services Provider Company License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Annually by December 1. |
Minnesota Debt Settlement Services Provider Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $0 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | Annually by December 1. |
Minnesota Debt Settlement Services Provider Company License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Annually by December 1. |
Minnesota Electronic Financial Terminal License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 application fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Industrial Loan and Thrift Company Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $750 license fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Industrial Loan and Thrift Company License - Non Depository
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1500 license fee per HQ + $750 license fee per branch |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | While this is a perpetual license, it must be attested to annually by December 31 in NMLS. |
Minnesota Insurance Premium Finance Company License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 application fee + $200 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $200 |
| Due: | Annually by May 31. |
Minnesota Money Transmitter License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 + $4000 license/registration fee + $15 credit report fee + $36.25 background check fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $2,500 |
| Due: | Annually by December 1. |
Minnesota Mortgage Originator or Servicer Branch Registration
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $20 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: |
|
Minnesota Motor Vehicle Sales Finance Company Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $125 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Annually by June 30. |
Minnesota Motor Vehicle Sales Finance Company License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license/registration fee + $125 fee per branch |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 per location |
| Due: | Annually by June 30. |
Minnesota Regulated Loan Company Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license fee + $500 investigation fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Annually by December 1. |
Minnesota Regulated Loan Company License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $250 license fee + $500 investigation fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Annually by December 1. |
Minnesota Residential Mortgage Originator Certificate of Exemption
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $200 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: |
|
Minnesota Residential Mortgage Originator License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $100 + $1000 license/registration fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $50 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 1. |
Minnesota Residential Mortgage Servicer Certificate of Exemption
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $200 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: |
|
Minnesota Residential Mortgage Servicer License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $600 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $250 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 1. |
Minnesota Residential PACE Administrator Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $0 |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $0 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Minnesota Residential PACE Administrator License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $500 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 1. |
Minnesota Student Loan Servicer - Federal Contract
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license/investigation fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $500 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Minnesota Student Loan Servicer Branch License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | No |
| Registered Agent (Special Agency) Required? | No |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license/investigation fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $500 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Minnesota Student Loan Servicer License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
| Foreign Qualification is Prerequisite: | Yes |
| Registered Agent (Special Agency) Required? | Yes |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $1000 license/investigation fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $500 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Individual Licenses
Minnesota Individual Financial Services Licenses
Minnesota Mortgage Loan Originator License
| Agency: | Minnesota Department of Commerce - Financial Institutions Division |
Initial Registration
| Instructions: | |
| Filing Method: | |
| Agency Fee: | $30 + $90 application fee + $15 credit report fee + $36.25 background check fee |
Registration Renewal
| Filing Method: | |
| Agency Fee: | $50 |
| Due: | Licenses expire on December 31 of each year. Licensees are recommeded to renew by December 15. |
Explore licensing in other states:
