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Industrial Loan & Thrift

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 651-539-1600.

License Requirements

  • Must be a MS Chapter 302A Corporation. 
  • $1,500 application fee for the principal office 
  • $750 application fee for a branch of an existing company
  • The Department of Commerce must approve the name of the proposed corporation before the application is filed.
  • Must be a location in Minnesota.
  • Articles of incorporation with amendments and the bylaws with amendments must be included.
  • Written authorization of the board of directors designating two officers to make the application. 
  • Applicants must have appropriate capitalization as outlined by statute. 
  • A biographical statement on each shareholder of 10 percent or more of stock, each director and officer, the proposed manager, and supervisor. 
  • Provide evidence of current workers' compensation insurance.

Requirements for Deposit-Taking Companies (in addition to those listed above)

  • Application

             - Deposit-Taking Industrial Loan and Thrift Application (Principal Office) (.pdf)

  • $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)

  • See MS 53.03, 2b and MS 53.10.


  • Perpetual Existence

Changes to the License

If a name and/or address change is proposed, please call 651-539-1600 for procedures.

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