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 State Licensing Requirements 

 
Company Licenses Description Requirements Checklist
Accelerated Mortgage Payment Provider License This license will be available in NMLS starting September 1, 2016. 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.
Credit Services Organization License This license will become available in NMLS on July 1, 2016. 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 This license will be available in NMLS starting September 1, 2016. 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 This license will be available in NMLS starting September 1, 2016. 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.
Electronic Financial Terminal License This license will become available in NMLS on July 1, 2016. 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.
Insurance Premium Finance Company License This license will become available in NMLS on June 1, 2017. 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.
Money Transmitter License This license is required of any company that engages in the business of selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instrument, wire, facsimile, or electronic transfer. (More Details)
Motor Vehicle Sales Finance Company License This license will become available in NMLS on June 1, 2017. 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.
Residential Mortgage Originator Exemption A company exempt from licensure under Minnesota Statutes Chapter 58.04, subd. 1 must apply for a certificate of exemption. Companies may be exempt from licensing but the individuals originating loans may be required to be licensed per MN Statue 58A. (More Details)
Residential Mortgage Originator License This license is required for any company, who for compensation or gain or in expectation of compensation or gain, solicits or offers to solicit, accepts or offers to accept an application for a residential mortgage loan through any medium or mode of communication from a borrower or makes a residential mortgage loan. A residential mortgage originator includes both brokers and lenders. (More Details)
Residential Mortgage Servicer Exemption A company exempt from licensure under Minnesota Statutes Chapter 58.04, subd. 2 must apply for a certificate of exemption. Companies may be exempt from licensing but the individuals servicing loans may be required to be licensed per MN Statue 58A. (More Details)
Residential Mortgage Servicer License This license is required for any company that engages in the activity of servicing a residential mortgage. Servicing a residential mortgage loan means through any medium or mode of communication the collection or remittance of, or the right or obligation to collect or remit for a lender, mortgagee, note owner, noteholder, or for a person's own account, payments, interest, principal, and escrow items such as insurance and taxes for property subject to a residential mortgage loan. (More Details)
Branch Licenses Description Requirements Checklist
Branch Registration This registration must be completed by a mortgage originator or servicer licensee, or is an applicant for licensure with a branch office located in Minnesota, that is or will be conducting business with Minnesota residents. (More Details)
Currency Exchange Branch License This license will be available in NMLS starting September 1, 2016. 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. This license should only be applied for by a company that also holds or is applying for a Currency Exchange License or Registration. See Minnesota Statutes Chapter 53A and Minnesota Rule 2872.0100
Electronic Financial Terminal Branch License This license will become available in NMLS on July 1, 2016. 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.
Motor Vehicle Sales Finance Company Branch License This license will become available in NMLS on June 1, 2017. 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.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator This license is required of any individual who for compensation or gain or in the expectation of compensation or gain (i) takes a residential mortgage loan application or (ii) offers or negotiates terms of a residential mortgage loan. A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license under Chapter 58A.03, subd. 3. (More Details)
 

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