If you have questions about whether a license is required, please consult the License Minnesota website athttp://www.license.mn.gov/. Click on "A-Z Indexes" or "Browse by Topics." If the information there does not answer your question, please send an e-mail to firstname.lastname@example.org that explains your activities as specifically as possible.
A Limited Broker's license authorizes the licensee to engage in real estate transactions as principal only. No salesperson may be licensed to act on behalf of a Limited Broker license. An officer of a corporation or partner of a partnership licensed as a Limited Broker may act on behalf of that corporation or partnership without being subject to the licensing requirements.
A Limited Broker's license also authorizes the licensee to engage in negotiation of commercial mortgage loans as principal only. A Limited Broker's license does not authorize the licensee to engage in negotiation of any residential mortgage loans.
"Making" a mortgage loan means to advance funds in connection with a mortgage.
"Brokering" a mortgage loan means assisting a borrower in obtaining a mortgage loan (including soliciting, placing, or negotiating a mortgage loan).
If you are "making" or "brokering" a Residential Mortgage Loan, you must obtain a Residential Mortgage Loan Originator or Servicer license or exemption.
If you are "making" a Commercial Mortgage Loan, please contact the Commerce Banking Division to discuss whether your specific activities require a license.
Contact the Commerce Banking & Financial Exams Division at email@example.com or 651-539-1700 for information about Residential Mortgage Originators and Servicers, Industrial Loan& Thrifts, Debt Prorate Agencies, Consumer Small Loan Lenders (payday lenders), Regulated Loan Companies, Motor Vehicle Sales Finance Companies, Accelerated Mortgage Payment Providers,Currency Exchanges, and Money Transmitters, and for information about license applications, renewals,and registration for these entities or individuals.
If you are "brokering" a Commercial Mortgage Loan, you must obtain a Limited Broker license.
Contact the Commerce Licensing Division at firstname.lastname@example.org or 651-539-1599 for information about how to obtain a Real Estate Broker license or a Limited Broker license.