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Title: Industrial Loan and Thrift Company -Non Depository / Branch License
Alternate Title:
Description: Minnesota Department of Commerce
Subject: Banking
Financial Institutions
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
800-857-3602
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Division Name: Financial Institutions Division
Division URL:
Division Description:
Division Phone: Division Fax: Division URL:
Audience: Hold Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:

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

Apply

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

Renewal

While this is Perpetual Existence it must be attested to annually by December 31 in NMLS

Review:

Requirements Checklists

Industrial Loan and Thrift Company Branch License
Requirements Checklists


Rules: 2675.5100 - .5130

Statutes: 53
53.03
53.10

Forms:

Go to NMLS


Fees:

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.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:

Industrial Loan and Thrift

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce


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