Regulated lenders make consumer loans, up to $100,000, and are frequently referred to as finance companies. See MS 56. These companies are required to be licensed in Minnesota. Licensing requirements and appropriate forms are available here.
$500 investigation fee, $250 license fee, $75 surcharge (total $825)
Minimum $50,000 in liquid assets
A biographical statement on each shareholder of 10 percent or more of stock, each director and officer, the proposed manager, and supervisor.
Provide evidence of current workers' compensation insurance
Licenses issued under MS Chapter 56 expire annually on December 31.
Renewal notices will be sent to licensees at the address on record in November of each year.
$250 renewal fee plus $25 surcharge (total $275) for each location
If a name and/or address change is proposed, please call 651-296-2297 for procedures.
Use the License Lookup Tool for a list of licensed companies.