Minnesota § 53B.37 CONSISTENT STATE LICENSING

Minnesota Statutes

§ 53B.37 — CONSISTENT STATE LICENSING

Minnesota § 53B.37

PartBANKING

Ch. 53BMONEY TRANSMITTERS

This text of Minnesota § 53B.37 (CONSISTENT STATE LICENSING) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 53B.37 (2026).

Text

(a)To establish consistent licensing between Minnesota and other states, the commissioner is authorized to:

(1)implement all licensing provisions of this chapter in a manner that is consistent with (i) other states that have adopted substantially similar licensing requirements, or (ii) multistate licensing processes; and

(2)participate in nationwide protocols for licensing cooperation and coordination among state regulators, provided that the protocols are consistent with this chapter.

(b)In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the commissioner to:

(1)collect and maintain records;

(2)coordinate multistate licensing processes and supervision process

Free access — add to your briefcase to read the full text and ask questions with AI

(a) To establish consistent licensing between Minnesota and other states, the commissioner is authorized to:
(1) implement all licensing provisions of this chapter in a manner that is consistent with (i) other states that have adopted substantially similar licensing requirements, or (ii) multistate licensing processes; and
(2) participate in nationwide protocols for licensing cooperation and coordination among state regulators, provided that the protocols are consistent with this chapter.
(b) In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the commissioner to:
(1) collect and maintain records;
(2) coordinate multistate licensing processes and supervision processes;
(3) process fees; and
(4) facilitate communication between the commissioner and licensees or other persons subject to this chapter.
(c) The commissioner is authorized to use NMLS for all aspects of licensing in accordance with this chapter, including but not limited to license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
(d) The commissioner is authorized to use NMLS forms, processes, and functions in accordance with this chapter. If NMLS does not provide functionality, forms, or processes for a requirement under this chapter, the commissioner is authorized to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.
(e) For the purpose of participating in the NMLS registry, the commissioner is authorized to, by rule or order: (1) waive or modify, in whole or in part, any or all of the requirements; and (2) establish new requirements as reasonably necessary to participate in the NMLS registry.