58B.051 REGISTRATION FOR LENDERS.

217 words·~1 min read·/mn/chapter-58/58b-051

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Beginning January 1, 2025, a lender must register with the commissioner as a lender before providing services in Minnesota. A lender must not offer or make a student loan to a resident of Minnesota without first registering with the commissioner as provided in this section.

(b)A registration application must include:

(1)the lender's name;

(2)the lender's address;

(3)the names of all officers, directors, owners, or other persons in control of an applicant, as defined in section 58B.02, subdivision 6 ; and

(4)any other information the commissioner requires by rule.

(c)Registration issued or renewed expires December 31 of each year. A lender must renew the lender's registration on an annual basis.

(d)The commissioner may adopt and enforce:

(1)registration procedures for lenders, which may include using the Nationwide Multistate Licensing System and Registry;

(2)nonrefundable registration fees for lenders, which may include fees for using the Nationwide Multistate Licensing System and Registry, to be paid directly by the lender;

(3)procedures and nonrefundable fees to renew a lender's registration, which may include fees for the renewed use of Nationwide Multistate Licensing System and Registry, to be paid directly by the lender; and

(4)alternate registration procedures and nonrefundable fees for postsecondary education institutions that offer student loans.