Closing Agent License
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1599 | (800) 657-3978 (MN only, outside Metro area)
(651) 539-0107 (fax)
Contact Info: firstname.lastname@example.org
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.
A Closing Agent is required to maintain an interest-bearing trust account.
If the closing agent meets the requirements to waive the trust account notice, a completed Trust Account Notice Waiver form may be attached to the closing agent application, in place of obtaining a trust account. Download the Trust Account Waiver form here.
The Trust Account Notice Waiver Certification form must be faxed to (651) 284-4207 along with a copy of the application confirmation page. The application will not be processed until the appropriate documents are received.
Closing Agent License fee - $123.50
In addition, the online system vendor also charges processing fees.
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:
2 years, expiring on June 30.
Length of Determination Process:
2 - 4 weeks