Minnesota Adds Non-Depositor Licenses to NMLS

Wendy Novotne
Ballard Spahr LLP
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On October 1, 2017, the Minnesota Department of Commerce will start accepting new applications and transition fillings on NMLS for the following licenses:

  • Consumer Small-Loan Lender License
  • Debt-Management Services Provider Company License
  • Debt-Settlement Services Provider Company License
  • Industrial Loan and Thrift Company License - Depository
  • Industrial Loan and Thrift Company License – Non Depository
  • Regulated Loan Company License

Current licensees must submit a transition request via NMLS by December 1, 2017. More information can be found here.

In addition, on October 1, 2017, the Minnesota Department of Commerce will start receiving new and converted Electronic Surety Bonds (ESB) through NMLS for the Debt Management Services Provider Company License and Debt Settlement Services Provider Company License. More information on the ESB can be found here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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