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) 539-1600 | (800) 857-3602
Division of Financial Institutions
(651) 539-1700
(651) 539-1548 (fax)
Contact Info: Darrell May

Website:

Minnesota Department of Commerce

Mortgage

Financial Institutions

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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


Requirements:

Application

Provide an original $100,000 surety bond.

A biographical statement on each principal.

Provide evidence of current workers' compensation insurance.

Fee:

$250

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.