Title: Consumer Small Loan Lender (Payday Lender) / Branch License
Alternate Title:
Description: A consumer small loan company (payday lender) making small loans to Minnesota residents must be licensed but does not have to have a physical location in Minnesota. Minnesota Department of Commerce
Subject: Loans and Lenders
Creation Date: 9/11/2008 2:12:09 PM
Modification Date: 8/14/2024 5:15:24 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: 651-539-1500
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: 651-539-1570
Division Fax: Division URL:
Audience: Hold
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:
Review Payday Lenders
Payday lenders offer small loans up to $350 for short terms of generally less than 30 days.
A note is issued but repayment is usually required in the form of a post-dated check. These companies are also known as payday lenders.
A consumer small loan company (payday lender) making small loans to Minnesota residents must be licensed but does not have to have a physical location in Minnesota. Loans made electronically via the Internet are covered under Minn. Stat. § 47.60
Apply
Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/business entities applying as payday lenders are required to use NMLS
Read Minn. Stat. § 47.60 before applying for a payday lender license. Unlicensed activity may results in administrative action.
Renewal
While this is a perpetual license, it must be attested to annually by December 31 in NMLS
Rules:
Statutes: 47.60
Forms:
Fees:
$250 application fee for each location. Nonrefundable.
Period of Issuance:
Perpetual until surrendered or suspended.
While this is a perpetual license, it must be attested to annually by December 31 in NMLS
Length of Determination: 30-45 days.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Payday Lenders
Financial Institutions
License Lookup Directory

