Regulated Lender License
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 539-1548 (fax)
Contact Info: Darrell May
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. 56
Regulated Loan License Application
Completed application and annual report.
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 .
Applicant Investigation Fee - $750
License Fee for each location - $325
Renewal License Fee for each location - $250
Period of Issuance:
Annual, January 1 - December 31.
Length of Determination Process:
Other Pertinent Information:
May be an individual, partnership, corporation, LLC, LLP, or association.
Allows loans up to $100,000.
Restrictions on other business at licensed location.
Limits real estate secured loans to junior liens.
An annual report will need to be filed annually using data as of December 31.
Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.