50-State Financial Services Licensing Compliance Guide
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Minnesota Finance Licensing

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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.

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Company Licenses

Minnesota Financial Services Company Licenses

Minnesota Accelerated Mortgage Payment Provider License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license/registration fee

Minnesota Collection Agency Branch License

Agency:Minnesota Department of Commerce - Licensing Unit
Bond Requirements:

$50,000 + an additional $5,000 for each $100,000 received by the agency from Minnesota debtors in the previous year. $100,000 is the maximum bond amount required.

Initial Registration

Filing Method:

Online

Agency Fee:

$500 registration fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$400 + $9.95 application fee.

Due:

Annually by June 30.

Amendment

Filing Method:

Online

Agency Fee:

$0

Notes:

Licensees can change their address and manage employees through the PULSE portal.

Minnesota Collection Agency Exemption

Agency:Minnesota Department of Commerce - Licensing Unit
Notes:

Out-of-state agencies may be eligible for exemption if they limit Minnesota activities to collecting debts not incurred in Minnesota from Minnesota residents using phone, email, mail, or fax.

Initial Registration

Filing Method:

Online

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

Agency:Minnesota Department of Commerce - Licensing Unit
Foreign Qualification is Prerequisite:Yes
Bond Requirements:

$50,000 + an additional $5,000 for each $100,000 received by the agency from Minnesota debtors in the previous year. $100,000 is the maximum bond amount required.

Initial Registration

Filing Method:

Online

Agency Fee:

$1,000 registration fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$400 + $9.95 application fee.

Due:

Annually by June 30.

Amendment

Filing Method:

Online

Agency Fee:

$0

Notes:

Licensees can change their address and manage employees through the PULSE portal.

Minnesota Consumer Small Loan Lender Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license/registration fee

Minnesota Consumer Small Loan Lender License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license fee per headquarters + $250 license fee per branch

Minnesota Credit Services Organization License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/registration fee

Minnesota Currency Exchange Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee + $500 license/registration fee

Minnesota Currency Exchange License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 application fee + $500 license/registration fee

Minnesota Currency Exchange Registration

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Minnesota Debt Management Services Provider Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Minnesota Debt Management Services Provider Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license fee

Minnesota Debt Settlement Services Provider Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Minnesota Debt Settlement Services Provider Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license fee

Minnesota Electronic Financial Terminal License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 application fee

Minnesota Industrial Loan and Thrift Company Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$750 license fee

Minnesota Industrial Loan and Thrift Company License - Depository

Minnesota Industrial Loan and Thrift Company License - Non Depository

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1500 license fee per HQ + $750 license fee per branch

Minnesota Insurance Premium Finance Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 application fee + $200 license/registration fee

Minnesota Money Transmitter License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 + $4000 license/registration fee + $15 credit report fee + $36.25 background check fee

Minnesota Mortgage Originator or Servicer Branch Registration

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$20

Minnesota Motor Vehicle Sales Finance Company Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$125

Minnesota Motor Vehicle Sales Finance Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license/registration fee + $125 fee per branch

Minnesota Regulated Loan Company Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license fee + $500 investigation fee

Minnesota Regulated Loan Company License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$250 license fee + $500 investigation fee

Minnesota Residential Mortgage Originator Certificate of Exemption

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$200

Minnesota Residential Mortgage Originator License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$100 + $1000 license/registration fee

Minnesota Residential Mortgage Servicer Certificate of Exemption

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$200

Minnesota Residential Mortgage Servicer License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$600

Minnesota Residential PACE Administrator Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$0

Minnesota Residential PACE Administrator License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license fee

Minnesota Student Loan Servicer - Federal Contract

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/investigation fee

Minnesota Student Loan Servicer Branch License

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/investigation fee

Minnesota Student Loan Servicer License

Foreign Qualification is Prerequisite:Yes
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$1000 license/investigation fee

Individual Licenses

Minnesota Individual Financial Services Licenses

Minnesota Debt Collector License

Agency:Minnesota Department of Commerce - Licensing Unit

Initial Registration

Filing Method:

Online

Agency Fee:

$10 license fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$10 license fee + $9.95 application fee.

Due:

Annually by June 30.

Minnesota Mortgage Loan Originator License

Initial Registration

Instructions:

Requirements Checklist

Filing Method:

Online

Agency Fee:

$30 + $90 application fee + $15 credit report fee + $36.25 background check fee

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