License Minnesota

Accelerated Mortgage Payment Provider

Minnesota Department of Commerce

Agency contact information:

Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1500
(651) 539-1547(fax)
Division of Financial Institutions
(651) 539-1700
(651) 539-1548 (fax)
Contact Info: Darrell May

Website:

Banking & Finance

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The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.

Statutes:

Minn. Stats. 332.30

Forms:

Accelerated Mortgage Payment Provider

Application form is available on the MN Dept. of Commerce website at Accelerated Mortgage Payment Provider.

Requirements:

Application

Provide an original $100,000 surety bond.

A biographical statement on each principal.

Provide evidence of current workers' compensation insurance.

Fee:

$275 authorization fee non refundable (includes fee surcharge)


Licensing surcharge to be assessed

The Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. § 16E.22.

Period of Issuance:

Perpetual until surrendered or suspended.

Length of Determination Process:

50-60 days.

Other Pertinent Information:

Third-party background check may be required annually at the expense of the applicant.

Minn. Stat. § 332.30.

Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.