Source: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Timestamp: 2019-04-20 06:35:01+00:00

Document:
Electronic surety bonds (ESB) for the license/registration types listed below will be available in NMLS starting January 23, 2017. New company license applications submitted for the following license types after January 23, 2017 will be required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.
Companies holding any of these license/registration types are required to convert their existing surety bond to NMLS via the submission of an ESB by September 30, 2017. See the MN ESB Conversion Plan for more information.
Accelerated Mortgage Payment Provider License Any person who receives funds to make mortgage payments to a lender or lenders, on behalf of mortgagors, in order to exceed regularly scheduled minimum payment obligations under the terms of the indebtedness is required to have this license. The term does not include: (i) persons or entities as described in Minnesota Statutes Section 332.02, subdivision 8, clauses (1) to (8); (ii) mortgage lenders or servicers, industrial loan and thrift companies, or regulated lenders under Chapter 56; or (iii) persons authorized to make loans under Section 47.20, subdivision 1. See Minnesota Statutes §§ 332.30 to 332.303.
Consumer Small Loan Lender License This license is required of any person or entity that engages in the business of making consumer small loans to Minnesota residents must be licensed. Financial institutions as defined in Minnesota Statutes § 47.59, subd. 1(k) are exempt. Refer to Minnesota Statutes §47.60.
Credit Services Organization License Any person that, with respect to the extension of credit by others, sells, provides performs, or represents that the person will sell, provide, or perform, in return for the payment of money or other valuable consideration, any of the following services is required to have this license: (1) Improve a buyer’s credit record, history or rating; (2) Obtain an extension of credit for a buyer; or (3) Provide advice or assistance to a buyer with regard to either clause (1) or (2). See Minnesota Statutes §332.52 to 332.60.
Currency Exchange License Any person engaged in the business of cashing checks, drafts, money orders or travelers’ checks for a fee, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company is required to have this license. “Currency exchange” does not include a person who provides check cashing services incidental the person’s primary business if the charge for cashing a check or draft does not exceed $1 or one percent of the value of the check or draft, whichever is greater. See Minnesota Statutes Chapter 53A and Minnesota Rule 2872.0100.
Currency Exchange Registration Any person engaged in the business of cashing checks, drafts, money orders or travelers’ checks for a fee, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company. “Currency exchange” does not include a person who provides check cashing services incidental the person’s primary business if the charge for cashing a check or draft does not exceed $1 or one percent of the value of the check or draft, whichever is greater. See Minnesota Statutes Chapter 53A and Minnesota Rule 2872.0100 Companies whose main office location will NOT be engaging in Minnesota currency exchange activity should submit a MN Currency Exchange Registration New Application.
Debt Management Services Provider Company License Any person or entity that engages in the business of operating as a debt management services provider or providing debt management services, whether or not located in Minnesota, and whether or not a fee is charged, must be licensed. Refer to Minnesota Statutes §§ 332A.02 – 332A.19.
Debt Settlement Services Provider Company License Any person or entity that engages in the business of operating as a debt settlement services provider or providing debt settlement services to a debtor domiciled in Minnesota, whether or not a fee is charged for the services and regardless of whether the person maintains a physical presence in Minnesota, must be licensed. Refer to Minnesota Statutes §§ 332B.02 – 332B.14.
Electronic Financial Terminal License This license is required of any person who establishes and maintains one or more electronic financial terminals pursuant to Minnesota Statutes Sections 47.61 to 47.74 and Minnesota Rule 2675.8100 to 2675.8190. Persons exempt from the licensing requirements include a state or federal savings association, state or federal savings bank, state or federal credit union, or state bank or national banking association.
Industrial Loan and Thrift Company License – Non Depository Any corporation that engages in the business of making consumer loans for personal, family or household use must be licensed. Refer to Minnesota Statutes §§ 53.01 – 53.10 and Minnesota Regulation 2675.5100 – 2675.5130.
Insurance Premium Finance Company License No person other than a savings association, bank, savings bank, trust company, regulated lender, industrial loan and thrift company, credit union or resident insurance agent who, within 15 days after entering into an insurance premium finance agreement, transfers such agreement to a licensee or to any of the organizations exempt under this subdivision may engage in the business of entering into, acquiring or holding insurance premium finance agreements unless licensed to do so by the commissioner. See Minnesota Statutes § 59A.01 to 59A.15, the Insurance Premium Finance Company Act.
Motor Vehicle Sales Finance Company License Any person or entity that engages in the business of purchasing retail installment contracts in this state from one or more retail sellers or creates or holds retail installment contracts is required to have this license. Banks, trust companies, savings banks, savings associations, credit unions, industrial loan companies, and regulated lenders are exempt. Refer to Minnesota Statutes §53C.01 to 53C.14.
Regulated Loan Company License Any corporation that engages in the business of making consumer loans for personal, family or household use must be licensed. Refer to Minnesota Statutes §§ 56.0001 – 56.26 and Minnesota Regulation 2675.4100 – 2675.4170.
Residential PACE Administrator License This license is required of any entity engaged in the business of marketing, offering, selling, facilitating, or financing, in whole or in part, a residential PACE loan; facilitating, arranging or contracting for the installation of the cost-effective energy improvements financed through a residential PACE loan; or offering any other service to an implementing entity in connection with the offering or provision of a residential PACE loan or operating a residential PACE program. See Minnesota Statues §§ 216C.435 – 216C.437.
Consumer Small Loan Lender Branch License This license is required of any person or entity that engages in the business of making consumer small loans to Minnesota residents must be licensed. Financial institutions as defined in Minnesota Statutes § 47.59, subd. 1(k) are exempt. Refer to Minnesota Statutes §47.60.
Debt Management Services Provider Branch License Any person or entity that engages in the business of operating as a debt management services provider or providing debt management services, whether or not located in Minnesota, and whether or not a fee is charged, must be licensed. Refer to Minnesota Statutes §§ 332A.02 – 332A.19.
Debt Settlement Services Provider Branch License Any person or entity that engages in the business of operating as a debt settlement services provider or providing debt settlement services to a debtor domiciled in Minnesota, whether or not a fee is charged for the services and regardless of whether the person maintains a physical presence in Minnesota, must be licensed. Refer to Minnesota Statutes §§ 332B.02 – 332B.14.
Electronic Financial Terminal Branch License This license is required of any person/company that owns more than one place of business or location. This license should only be applied for by a company that also holds or is applying for an Electronic Financial Terminal License. Electronic financial terminals are regulated under Minnesota Statutes Sections 47.61 to 47.74 and Minnesota Rule 2675.8100 to 2675.8190.
Industrial Loan and Thrift Company Branch License Any corporation that engages in the business of making consumer loans for personal, family or household use that also takes deposits to sell and issue thrift certificates for investments must be licensed. Refer to Minnesota Statutes §§ 53.01 – 53.10 and Minnesota Regulation 2675.5100 – 2675.5130.
Motor Vehicle Sales Finance Company Branch License Any person or entity that engages in the business of purchasing retail installment contracts in this state from one or more retail sellers or creates or holds retail installment contracts is required to have this license. Banks, trust companies, savings banks, savings associations, credit unions, industrial loan companies, and regulated lenders are exempt. Refer to Minnesota Statutes §53C.01 to 53C.14.
Regulated Loan Company Branch License Any person or entity that engages in the business of making consumer loans for personal, family or household use must be licensed. Refer to Minnesota Statutes § 56.0001 – 56.26 and Minnesota Regulation 2675.4100 – 2675.4170.
Residential PACE Administrator Branch License This license is required of any entity engaged in the business of marketing, offering, selling, facilitating, or financing, in whole or in part, a residential PACE loan; facilitating, arranging or contracting for the installation of the cost-effective energy improvements financed through a residential PACE loan; or offering any other service to an implementing entity in connection with the offering or provision of a residential PACE loan or operating a residential PACE program. See Minnesota Statues §§ 216C.435 – 216C.437. .

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