Minnesota Student Loan Servicer Branch License

All persons responsible for the servicing of any student loan to any borrower, including a nonbank covered person, unless specifically exempted by law. The law applies to student loan contracts executed on or after August 1, 2021. Minnesota Statute Chapter 58B contains exemptions from licensing for various persons. There is a limited application process for those servicers who have contracts with the U.S. Department of Education.

Who is required to have this license? All persons responsible for the servicing of any student loan to any borrower, including a nonbank covered person, unless specifically exempted by law. The law applies to student loan contracts executed on or after August 1, 2021. Minnesota Statute Chapter 58B contains exemptions from licensing for various persons. There is a limited application process for those servicers who have contracts with the U.S. Department of Education. See Minnesota Statute 58B. Activities Authorized Under This License This license authorizes the following activities as defined by NMLS on the Business Activities Definitions chart: • Non-private student loan servicing • Private student loan servicing Pre-Requisites for License Applications • The company must obtain proper business registration with the Minnesota Secretary of State. • This license should only be applied for by a company that also holds or is applying for the MN Student Loan Servicer Company Loan Company License. See the MN Student Loan Servicer Company New Application Checklist for more information. Minnesota does not issue paper licenses for this license type. Licenses can be verified via the company’s MU1 record or through Consumer Access.