Credit Services Organization Registration
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 296-8591 (fax)
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.
Minn. Stats. 332
Credit Services Organization (CSO) Registration Application
Surety Bond Forms
Collection Bond Form--Corp. or LLC
Registration forms are available on the MN Dept. of Commerce website, Financial Institutions, Debt Management section, at Credit Service Organization Registration Application.
Complete 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 Minn. Stat. § 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.
Licenses issued under Minn. Stat. § 332.52-.60 expire annually on June 30.
Renewal notices will be sent to the address on record in May.
$1,000 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) 296-8591.
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.
Application fee - $1,100 *nonrefundable (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:
Expires June 30 annually.
Length of Determination Process:
Other Pertinent Information:
Minn. Stat. § 332.52-.60.
Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.