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
MINNESOTA RULES 2675.4100 - 6754180
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 - $550
License Fee for each location - $325 (includes fee surcharge)
Renewal License Fee for each location - $275 (includes fee surcharge)
Licensing surcharge to be assessed beginning
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:
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.