Contact Financial Institutions Division licensing staff by phone at 651-539-1570 or send your questions via email for additional assistance.
Non-Depository Information Security and Incident Notification
The Minnesota Department of Commerce licenses and regulates persons who provide services to consumers to assist with credit and debt issues. This includes credit counseling organizations, credit services organizations, debt management companies, and debt settlement companies. Please click on the links below for more information on each license type, including how to apply.
Companies in this page are subject to Minnesota Statute §332, Minnesota Statute §332A, and Minnesota Statute §332B.
Pursuant to Minnesota Statutes 332.365, the Department of Commerce has now posted a document on the department website that includes the contact information for nonprofit organizations domiciled in Minnesota that provide credit counseling services to debtors.
Credit counseling services include but are not limited to (1) helping debtors understand their rights and responsibilities, and (2) working with debtors, creditors, and collection agencies to satisfy debts.
Per the statute, the document must be included in the initial written communication and that the format is no more than one 8-1/2 by 11-inch sheet of paper.
Minnesota Statutes 332.365, Subdivision 2 requires that a collection agency must include the document described in subdivision 1, with the initial written communication sent to a debtor, if the initial communication is performed via United States mail, e-mail, or text message.
The document may be updated for the first time by the commissioner no earlier than September 1, 2024. Collection agencies must meet the requirements of subdivision 2 on or after September 1, 2023.
A Credit Services Organization is a business that, for a fee, offers the following services to consumers: improving the consumer's credit rating or history, obtaining credit for the consumer, or providing credit advice or assistance to the consumer.
The department licenses these organizations and provides regulatory oversight.
The commissioner may accept a deposit in cash, or securities that may be legally 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 finance.
$1,000 registration fee for each location of business.
Debt Management Services Providers help aid over-extended consumers with financial planning by developing a budget and receiving funds from the consumer to repay creditors under a specific plan.
You are a Debt Management Services Provider and need to be registered (whether or not you are located in Minnesota) if you provide any one or more of the following services in connection with debt incurred primarily for personal, family, or household services:
Commerce registers these companies and provides regulatory oversight to ensure fair business practices.
A Debt Management Services Provider, under Chapter Minnesota Statute §332A, must obtain a license from the Minnesota Department of Commerce. A physical presence in Minnesota is not required.
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.
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 means any person offering or providing debt settlement services to a debtor domiciled in this state, regardless of whether or not a fee is charged for the service and regardless of whether the person maintains a physical presence in the state.
Debt Settlement Services means any one or more of the following activities:
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.
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.
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.