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
