Title: Industrial Loan and Thrift Company -Non Depository / Branch License
Description: Minnesota Department of Commerce
Loans and Lenders
Creation Date: 9/11/2008 2:13:57 PM
Modification Date: 9/17/2019 12:31:07 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
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. Minn. Stat. Chapter 53
Company/Business entity applying for the mortgage servicer (MS) license are required to use Nationwide Mortgage Licensing System (NMLS)
MN Regulated Loan Company New Application Checklist (Company)
Read Minn. Stat. Chapter 53 before applying for a Mortgage Servicer (MS) License. Unlicensed activity may result in administrative action.
- Must be a Minn. Stat. Chapter 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 Minn. Stat. § 53.03 and Minn. Stat. § 53.10
While this is Perpetual Existence it must be attested to annually by December 31 in NMLS
Industrial Loan and Thrift Company Branch License
Rules: 2675.5100 - .5130
Go to NMLS
Application fee principal office - $1,500
Filing fee for each branch location of an existing company - $750
Deposit-Taking Companies application fee for the principal office - $8,000
Period of Issuance:
Perpetual until surrendered or suspended.
Length of Determination: 30-60 days.
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Industrial Loan and Thrift
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