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Industrial Loan & Thrift

    Industrial Loan and Thrift

    Questions?

    Licensing is required in Minnesota. Contact Financial Institutions Division licensing staff by phone at 651-539-1570 or send your questions via email for additional assistance.

    Industrial Loan & Thrift Companies, Guidance on changes in branch location or employees working from home (.pdf)

    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)

    Apply

    Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/Business entity applying for the mortgage servicer (MS) license are required to use the NMLS.

    View the Industrial Loan and Thrift checklist of requirements.

    Please Read Minnesota Statute 53 before applying for an Industrial Loan and Thrift (ILI) 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.

    Renewal

    While this is a perpetual license, it must be attested to annually by December 31 in NMLS.

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