Industrial Loan and Thrift
These Minnesota corporations are formed for the purpose of conducting the business of loaning money to people.
These institutions also may apply for the right to issue thrift certificates for investment (similar to a deposit) upon application to determine reasonable demand for and probable volume of business to ensure solvency of the applying institution as well as already existing financial institutions in the area. Thrift certificates (deposits) must be insured by the FDIC to the extent of the insurance offered by that agency. (Minnesota Statute §53)
Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Company/Business entity applying for the mortgage servicer (MS) license are required to use the NMLS.
Please Read Minnesota Statute 53 before applying for a Mortgage Servicer (MS) License. Unlicensed activity may result in administrative action.
- Must be a Minnesota Statute §302A corporation.
- $1,500 application fee for the principal office.
- A $750 fee will be charged for each licensed branch location of an existing company.
Additional Requirements for Deposit-Taking Companies
- $8,000 application fee for the principal office
- Must demonstrate reasonable public demand and that such activity is not likely to endanger the solvency of existing deposit-taking institutions in the applicant's locality.
- The applicant must also obtain deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
- See Minnesota Statute §53.03 and Minnesota Statute §53.10.
While this is Perpetual Existence it must be attested to annually by December 31 in NMLS.