Minnesota § 58B.051 REGISTRATION FOR LENDERS

Minnesota Statutes

§ 58B.051 — REGISTRATION FOR LENDERS

Minnesota § 58B.051

PartBANKING

Ch. 58BSTUDENT LOAN BORROWER BILL OF RIGHTS

This text of Minnesota § 58B.051 (REGISTRATION FOR LENDERS) 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. § 58B.051 (2026).

Text

(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 section58B.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, whi

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(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 section58B.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.