Title: Credit Services Organization Registration
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. (Minn. Stat. § 332.52) Minnesota Department of Commerce
Subject: Financial Institutions
Creation Date: 9/11/2008 2:12:16 PM
Modification Date: 8/3/2020 5:18:28 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: 651-539-1570
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. § 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.
The department licenses these companies and provides regulatory oversight to ensure fair business practices.
Credit Service Organization
332.52 - .62
Go to NMLS
Application fee - $1,000
Period of Issuance:
Expires June 30 annually.
Length of Determination: 30 days.
Activity: Credit Services Organization
License Detail URL:
License Lookup Directory