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)
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.
Renewal
While this is a perpetual license, it must be attested to annually by December 31 in NMLS - Annual Renewal Information
Trust Company Charter
Trust Offices
For bank and trust company applications and forms, contact bank.applications.comm@state.mn.us
$8,000 application for the principal fee plus 50 percent of the cost of any hearing procedure.
While this is a perpetual license, it must be attested to annually by December 31 in NMLS - Annual Renewal Information