Title: Debt Management Services Provider Company License / Branch License
Description: 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. See Minn. Stat. 332A
Minnesota Department of Commerce
Subject: Debt Management
Creation Date: 9/12/2008 4:31:29 PM
Modification Date: 7/16/2019 12:20:09 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1600
Agency Fax: Agency URL: https://mn.gov/commerce/
85 7th Place East, Suite 500
Division Name: Financial Institutions Division
Division Phone: Division Fax: Division URL:
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
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. See Minn. Stat. Chapter 332A
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:
- Managing the financial affairs of an individual by distributing income or money to the individual's creditors;
- Receiving funds for the purpose of distributing the funds among creditors in payment or partial payment of obligations of a debtor; or
- Adjusting, prorating, pooling, or liquidating the indebtedness of a debtor.
Any person so engaged or holding out as so engaged is deemed to be engaged in the provision of debt management services regardless of whether or not a fee is charged for such services.
Commerce registers these companies and provides regulatory oversight to ensure fair business practices.
Debt Management Services Provider Branch License
- Complete the Debt Management Services Provider Registration Form (.pdf)
- $1,000 registration fee. The fee is nonrefundable.
- A filed Certificate of Authority from the Office of the Minnesota Secretary of State to transact business
- A filed Certificate of Assumed Name from the Office of the Minnesota Secretary of State if the DBA Name is different from full legal name of individual or business entity or does not include the full name of each partner.
- If a Partnership, a partnership agreement signed by all partners.
- Provide a biographical statement and complete list of owners, partners, officers, directors, stockholders (owning 10 percent or more of corporate stock or membership interest), or any employee with authority to exercise management or policy control over the company.
- Board of Director resolutions
- The name and address of the registered agent authorized to accept service of process on behalf of the debt management services provider.
- Provide a copy of standard debt management services provider agreements.
- Original corporate Surety Bond (.pdf) for an amount not less than $5,000 but at least equal to the largest amount which may or has accrued in the Trust Account during the year.
- Proof of accreditation as an accredited credit counseling provider.
- Provide evidence of current workers' compensation insurance.
- A physical presence in Minnesota is not required.
Debt Management Services Provider Registration Form (.pdf)
Forms are available at Debt Management
Registration fee - $1,000
Renewal fee - $250
Period of Issuance:
Annual, January 1 to December 31
Length of Determination: 30 to 60 days
Activity: License Detail URL:
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