Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Beginning January 1, 2025, a lender must register with the commissioner as a lender before providing services in Minnesota. A lender must not offer or make a student loan to a resident of Minnesota without first registering with the commissioner as provided in this section.
(b) A registration application must include:
(1) the lender's name;
(2) the lender's address;
(3) the names of all officers, directors, owners, or other persons in control of an applicant, as defined insection 58B.02, subdivision 6; and
(4) any other information the commissioner requires by rule.
(c) Registration issued or renewed expires December 31 of each year. A lender must renew the lender's registration on an annual basis.
(d) The commissioner may adopt and enforce:
(1) registration procedures for lenders, which may include using the Nationwide Multistate Licensing System and Registry;
(2) nonrefundable registration fees for lenders, which may include fees for using the Nationwide Multistate Licensing System and Registry, to be paid directly by the lender;
(3) procedures and nonrefundable fees to renew a lender's registration, which may include fees for the renewed use of Nationwide Multistate Licensing System and Registry, to be paid directly by the lender; and
(4) alternate registration procedures and nonrefundable fees for postsecondary education institutions that offer student loans.
Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 58B.051. Registration for lenders - last updated January 01, 2025 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-58b-051/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)