Skip to content

About Debt Management


Debt Management Services Providers help aid over-extended consumers with financial planning by developing a budget and receiving funds from the consumer to repay creditors under a specific plan. See MS 332A.

You are a debt management services provider and need to be registered (whether or not you are located in Minnesota) if you provide any one or more of the following services in connection with debt incurred primarily for personal, family, or household services:

  • Managing the financial affairs of an individual by distributing income or money to the individual's creditors; 

  • Receiving funds for the purpose of distributing the funds among creditors in payment or partial payment of obligations of a debtor; or 

  • Adjusting, prorating, pooling, or liquidating the indebtedness of a debtor.

Any person so engaged or holding out as so engaged is deemed to be engaged in the provision of debt management services regardless of whether or not a fee is charged for such services.

The department licenses these companies and provides regulatory oversight to ensure fair business practices. Go to the section below to get information about licensing requirements, fees, and forms.

Debt Management Requirements


A Debt Management Services Provider, pursuant to Minnesota Statutes, Chapter 332A, must obtain a license from the Department of Commerce. A physical presence in Minnesota is not required. Questions about this registration should be directed to 651-539-1600. View a letter to Debt Management Services Providers.

Requirements:

  1. Complete the Debt Management Services Provider Registration Form (.pdf).

  2. $1,000 registration fee. The fee is nonrefundable.

  3. A filed Certificate of Authority from the Minnesota Secretary of State to transact business

  4. A filed Certificate of Assumed Name from the Minnesota Secretary of State if the DBA Name is different from full legal name of individual or business entity or does not include the full name of each partner.

  5. If a Partnership, a partnership agreement signed by all partners.
    Provide a biographical statement and complete list of owners, partners, officers, directors, stockholders (owning 10 percent or more of corporate stock or membership interest), or any employee with authority to exercise management or policy control over the company.

  6. Board of Director resolutions

  7. The name and address of the registered agent authorized to accept service of process on behalf of the debt management services provider.

  8. Provide a copy of standard debt management services provider agreements.

  9. Original corporate Surety Bond (.pdf) for an amount not less than $5,000 but at least equal to the largest amount which may or has accrued in the Trust Account during the year.

  10. Proof of accreditation

  11. Provide evidence of current workers' compensation insurance.

  12. A physical presence in Minnesota is not required.

Change of Name on a License

Name changes on the registration must be submitted in writing within 10 days of the change. Submit a letter to the Commerce Department explaining the change, list the current name and the proposed name, list the registration number, and attach a filed amended Certificate of Authority or Certificate of Assumed Name from the Minnesota Secretary of State. The change also needs to be made on the surety bond. Provide a rider from the surety company and attach to the legal documentation. A new license will be issued when proper documentation is received.

Change of Address on a License

Any material changes to the information that was submitted with the initial registration must be made within ten (10) days of the change. The change also needs to be made on the surety bond. Provide a rider from the surety company and attach to the legal documentation. A new license will be issued when proper documentation is received.

Renewal:

  • Licenses issued under Chapter 332A expire annually on December 31.

  • Renewal notices and an annual renewal report will be sent to licensees at the address on record in November of each year and will be due by December 1 of each year.

  • $250 renewal fee.

Use the License Lookup Tool for a list of licensed companies.