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