58B.051 REGISTRATION FOR LENDERS. (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 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. History: 2024 c 121 art 4 s 2
Minnesota Legal Code