Regulated Loan Company
Regulated Loan Companies make consumer loans, up to $100,000, higher if capitalized, and are frequently referred to as finance companies.
Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Company/Business entity applying for the regulated loan company license are required to use the NMLS.
Please Read Minnesota Statute 56 before applying for a Regulated Lenders License. Unlicensed activity may result in administrative action.
- $500 investigation fee, $250 license fee (total $750)
- Minimum $50,000 in liquid assets
Licenses issued under Minnesota Statute Chapter 56 expire annually on December 31 and are renewable on January 1 of each year. Renewal notices will be sent to licensees at the email address provided on the Company MU1 in November of each year. The renewal fee is $250. Renewal is done through NMLS.