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Title: Debt Settlement Services Provider Company License
Alternate Title:
Description: A Debt Settlement Services Provider, pursuant to Minn. Stat. §.332B, must obtain a registration from the Department of Commerce. Minnesota Department of Commerce
Subject: Debt Management
Creation Date: 9/12/2008 4:31:29 PM
Modification Date: 7/18/2019 1:04:03 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: 651-539-1705
Division Fax: Division URL:
Audience: 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:

A Debt Settlement Services Provider, pursuant to Minn. Stat. §.332B,  must obtain a registration from the Department of Commerce. A physical presence in Minnesota is not required.

Questions about this registration should be directed to 651-539-1705.

Review:

Debt Services 

Debt Settlement 

Requirements Checklist

Debt Settlement Services Provider Branch License
Requirements Checklist


Requirements:

  1. Complete the Debt Settlement Services Provider Registration Form (.pdf).
  2. $1,000 registration fee. The fee is nonrefundable.
  3. A filed Certificate of Authority from the Minnesota Secretary of State to transact business.
  4. A filed Certificate of Assumed Name from 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.
  5. If a Partnership, a partnership agreement signed by all partners.
  6. 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.
  7. Board of Directors' resolution.
  8. The name and address of the registered agent authorized to accept service of process on behalf of the debt settlement services provider.
  9. Provide a copy of standard debt settlement services provider agreement.
  10. Original corporate Surety Bond (.pdf) for an amount not less than $5,000.
  11. Proof of accreditation as defined in Minn. Stat. §.332B, as a credit counseling provider, or an affidavit attesting that Registrant does not provide credit counseling services.
  12. Provide evidence of current workers' compensation insurance.
  13. A physical presence in Minnesota is not required.

Rules:
Statutes: 332B

Forms:

Forms are available at Debt Settlement


Fees:

Registration fee - $1,000

Renewal fee - $250 



Period of Issuance:

Annual, January 1 to December 31


Length of Determination: 30 to 60 days
Other Info:
Activity: License Detail URL:

Debt Services

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce


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