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Title: Industrial Loan and Thrift Company -Non Depository & Deposit Taking Companies / Branch Location License
Alternate Title:
Description: Minnesota Department of Commerce
Subject: Banking
Financial Institutions
Trust Companies
Creation Date: 9/11/2008 2:17:39 PM
Modification Date: 9/13/2024 6:20:47 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: Division Fax: Division URL:
Audience: Hold Application URL:
Renewal URL:
Versa URL:
Requirements:

Review Industrial Loan & Thrift

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

Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/Business entity applying for the mortgage servicer (MS) license are required to use NMLS

View the Industrial Loan and Thrift checklist of requirements

Please read Minn. Stat. Chapter 53 before applying for an Industrial Loan and Thrift (ILI) license. Unlicensed activity may result in administrative action.

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 .10

Renewal

While this is a perpetual license, it must be attested to annually by December 31 in NMLS - Annual Renewal Information


Rules: 2675

Statutes: 48
48A
53

Forms:

Trust Company Charter

Trust Offices

For bank and trust company applications and forms, contact bank.applications.comm@state.mn.us


Fees:

$8,000 application for the principal fee plus 50 percent of the cost of any hearing procedure.


Period of Issuance:

 


Length of Determination:

While this is a perpetual license, it must be attested to annually by December 31 in NMLS - Annual Renewal Information


Other Info:
Activity: Banking
Trust Company
Financial Institutions
License Detail URL:

Industrial Loan & Thrift

Banks

Financial Institutions

Minnesota Department of Commerce

   


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