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Debt Settlement


A Debt Settlement Services Provider, pursuant to MS 332B, 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 651-296-2715.

Requirements:

  • Complete the Debt Settlement Services Provider Registration Form (.pdf). 

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

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

  • 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.

  • 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. 

  • Board of Directors' resolution. 

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

  • Provide a copy of standard debt settlement services provider agreement. 

  • Original corporate Surety Bond (.pdf) for an amount not less than $5,000. 

  • Proof of accreditation as defined in Chapter 332B, as a credit counseling provider, or an affidavit attesting that Registrant does not provide credit counseling services. 

  • Provide evidence of current workers' compensation insurance. 

  • 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 332B  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.