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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: 6/3/2020 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: 651-539-1600
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: 651-539-1570
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:

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

Review 

Requirements Checklist

Consumer Small Loan Lender Branch License
Requirements Checklist

Rules:
Statutes: 47.60

Forms:
Go to NMLS

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

Minnesota Department of Commerce


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