A Debt Management Services Provider, under Minnesota Statute, Chapter 332A, must obtain a license from the Minnesota Department of Commerce. A physical presence in Minnesota is not required.
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Minnesota uses the Nationwide Mulitstate Licensing System (NMLS). Organizations applying for a Debt Management Services License are required to use the NMLS.
View the Debt Management checklist of requirements.
Please Read Minnesota Statute §332.60 before applying for a Debt Management Services License. Unlicensed activity may result in administrative action.
An Electronic Surety Bond (ESB) for $5,000 must be filed in NMLS.
The commissioner may accept a deposit in cash, or securities that may legally be 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 management and budget.
The commissioner may also require a fidelity bond in an appropriate amount covering employees of any applicant.
Each branch office or additional place of business in this state of an applicant must be bonded as provided in this subdivision.
Renewal
Licenses issued under Chapter Minnesota Statute §332A expire annually on December 31 and are renewable on January 1 of each year after that date. The renewal fee is $250. Renewal is done through NMLS.
An annual report will be sent to registrants at the email address provided on the Company MU1 in November of each year and will be due by March 15 of each calendar year.
A Debt Settlement Services Provider, pursuant to Minnesota Statute §332B, must obtain a registration from the Minnesota Department of Commerce. A physical presence in Minnesota is not required.
Apply
Minnesota uses the Nationwide Multistate Licensing System (NMLS). Organizations applying for a Debt Settlement License are required to use the NMLS.
Please read Minnesota Statute §332B before applying for a Debt Settlement Services License. Unlicensed activity may result in administrative action.
An Electronic Surety Bond (ESB) for $5,000 must be filed in NMLS.
The commissioner may accept a deposit in cash, or securities that may legally be 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 management and budget.
The commissioner may also require a fidelity bond in an appropriate amount covering employees of any applicant.
Each branch office or additional place of business in this state of an applicant must be bonded as provided in this subdivision.
Renewal
Licenses issued under Minnesota Statute §332B expire annually on December 31 and are renewable on January 1 of each year. The renewal fee is $250. Renewal is done through NMLS.
An annual report will be sent to registrants at the email address provided on the Company MU1 in November of each year and will be due by March 15th of each calendar year.