These Minnesota corporations are formed for the purpose of conducting the business of loaning money to people. These institutions also may apply for the right to issue thrift certificates for investment (similar to a deposit) upon application to determine reasonable demand for and probable volume of business to ensure solvency of the applying institution as well as already existing financial institutions in the area. Thrift certificates (deposits) must be insured by the FDIC to the extent of the insurance offered by that agency. See Minnesota Statutes, Chapter 53.
Licensing is required in Minnesota. Questions about the license requirements should be directed to 651-539-1700.
$8,000 application fee for the principal office
Must demonstrate reasonable public demand and that such activity is not likely to endanger the solvency of existing deposit-taking institutions in the applicant's locality.
The applicant must also obtain deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
If a name and/or address change is proposed, please call 651-539-1700 for procedures.
Use the License Lookup Tool for a list of licensed companies.