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Credit Service Organization


A Credit Services Organization is a business that, for a fee, offers the following services to consumers: improving the consumer's credit rating or history, obtaining credit for the consumer, or providing credit advice or assistance to the consumer. See. M.S. 332.52 to 332.60.

The department licenses these organizations and provides regulatory oversight. Licensing information is available here.

Credit Services Organization Registration


A Credit Services Organization is a business that, for a fee, offers services to consumers, including improving the consumer's credit rating or history, obtaining credit for the consumer, or providing credit advice or assistance to the consumer. See MS 332.52 to 332.60.

Registration Requirements

  • Credit Services Organization Registration Application.

  • The name and address of the credit services organization.

  • The name and address of the registered agent authorized to accept service of process on behalf of the credit services organization.

  • The name and address of any person who directly or indirectly owns or controls a ten percent or greater interest in the credit services organization.

  • The name and address of the surety company that issued the bond required under section 332.55.

  • Full disclosure of any litigation or unresolved complaint filed within the preceding five years with the state, any other state, or the United States relating to the operation of the credit services organization, or a notarized statement that there has been no litigation or unresolved complaint filed within the preceding five years with the state, any other state, or the United States relating to the operation of the credit services organization.

  • Attach a copy of the contract which the credit services organization intends to execute with its consumers and evidence of the required bond.

  • A physical presence in Minnesota is not required.

  • A filed Certificate of Authority from the Minnesota Secretary of State to transact business in Minnesota.

  • A filed Certificate of Assumed Name from the Minnesota Secretary of State if the DBA Name is different from full legal name of individual or business entity or does not include the full name of each partner.

  • An original $10,000 surety bond, completed signed and notarized properly.

  • $1,000 registration fee for each location of business.

Education Requirements

  • There are no educational requirements.

Registration Renewal

  • Licenses issued under Chapter 332.52 to 332.60 expire annually on June 30.

  • Renewal notices will be sent to the address on record in May.

  • $1,100 renewal fee for each location of business.

  • A credit services organization must submit to the commissioner at the time of registration, an annual surety bond of $10,000, expiring on June 30 of each year, by an insurance company which is authorized by the state of Minnesota to transact the business of fidelity and surety insurance. The credit services organization must be the obligor. The bond must benefit the state of Minnesota and any person who may have a cause of action against the obligor arising out of the obligor's activities as a credit services organization. The commissioner may accept a deposit in cash, or securities that may be legally purchased by savings banks or for trust funds of an aggregate market value equal to the bond requirement, in lieu of the surety bond. The cash or securities must be deposited with the commissioner of finance.

Changes to the Registration

  • Name Change - Submit a letter explaining the name change to the Commerce Department, list the current name and the proposed name, include the registration number, and attach legal documentation showing the name change (such as a marriage certificate or court document, or Certificate of Authority or Certificate of Assumed Name filed with the Minnesota Secretary of State).

  • Address Change - Complete the Address Change form and mail completed form to the Commerce Department, or fax the form to 651-539-1547.

  • Attach a Rider from the Surety Bond Company showing the name and/or address change on the bond.

  • The credit services organization must update the registration statement required under this section not later than 90 days after the date from which a change in the information required in the statement occurs.

  • A new registration will be issued when proper documentation is received.

View a list of licensed companies.