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Make Changes to a License


How to notify the department of an ownership change for the license

Change of Ownership: Written notification to the commissioner within ten days of the change must be provided.  The Disclosure of Ownership page and Bureau of Criminal Apprehension forms must be submitted for each of the new owners (download from column at right).

Send written notice to:
Minnesota Department of Commerce
Financial Institutions Division
85 7th Place East, Suite 500
St. Paul, MN 55101-2198

Ownership changes must also be updated on the company's MU1 form on the NMLS web site.

Change in business structure: A new license application is required. The residential mortgage originator and servicer license does not transfer to another business entity. Get instructions from the Nationwide Mortgage Licensing System website on how to apply for a license.

How to change the name on the license

Name changes on licenses must be submitted in writing within 10 days of the change.

A mortgage originator or servicer may do business under no more than one name or title.  A licensee may apply to the Minnesota Secretary of State for an assumed name, but then may operate only under the assumed name.

Submit a letter to the Commerce Department explaining the change, list the current name and the proposed name, list the license number, and attach a filed amended Certificate of Authority or Certificate of Assumed Name from the Minnesota Secretary of State.

Send written notice to:
Minnesota Department of Commerce
Financial Institutions Division
85 7th Place East, Suite 500
St. Paul, MN 55101-2198

The licensee must submit a rider to the surety bond from the surety company which includes the name change.  It must be attached to the legal documentation.

Name changes must also be updated on the company's MU1 form on the NMLS web site.

How to change the address on the license

Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.

Address changes must be updated on the company's MU1 form on the NMLS web site.

If the licensee has a surety bond, the change needs to be noted on a rider from the surety company and attached to a letter submitted to the Commerce Department. Also, provide your Minnesota license number on the letter.

Send written bond notice to:
Minnesota Department of Commerce
Financial Institutions Division
85 7th Place East, Suite 500
St. Paul, MN 55101-2198

How to surrender or terminate the license

Details of the surrender should be submitted in a cover letter within ten days of the action.

Please include your license number with the cover letter and a written plan for withdrawal from the regulated business, including a timetable for the disposition of the business.

Send written surrender notice to:
Minnesota Department of Commerce
Financial Institutions Division
85 7th Place East, Suite 500
St. Paul, MN 55101-2198

A license withdrawal request must also be submitted through the NMLS.