Mortgage licensing / Minnesota

Minnesota Student Loan Servicer – Federal Contract

company licence · NMLS MNSTUDENTLNSERVICERFC_C · DOC

Requirements (9)

1. Step 1

   Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). Minnesota allows only one Other Trade Name per license. Applicants must hold a student loan servicer exemption license for each trade name listed in the Other Trade Names section of the Company Form (MU1). If operating under an “Other Trade Name”, upload a copy of the Certificate of Assumed Name(s) filed with the Minnesota Secretary of State regarding ability to do business under that trade name. This document should be named [State-License Type] Trade Name – Assumed Name.

   Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

2. Step 2

   Resident/Registered Agent: The Resident/Registered Agent section of the NMLS Company Form should be completed with the information currently on record with the Minnesota Secretary of State.

   Submitted via: NMLS

3. Step 3

   Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • Operating structure the applicant intends to employ. This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

   Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

4. Step 4

   Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the applicant’s state of formation. Foreign Corporations or Companies: Upload a Certificate of Authority from the Minnesota Secretary of State. This document should be named MN Certificate of Authority OR MN Certificate of Good Standing].

   Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

5. Step 5

   Company Staffing and Internal Policies: Company staffing and internal policies are not required for Minnesota.

6. Step 6

   Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Sole Proprietor • If sole proprietor is operating under a different name a Certificate of Assumed Name must be uploaded. Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Documents requested of a Corporation; and • Proof of nonprofit status • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

   Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

7. Step 7

   Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

   Submitted via: Upload in NMLS: under the Document Type Management Chart in the Document Uploads section of the Company Form (MU1).

8. Step 8

   Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

   Submitted via: Upload in NMLS: under the Document Type Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

9. Step 9

   Exemption Claimed: Minn. Stat. 58B.03, subd. 7 states a person is exempt from the application procedures under subdivision 3 if the commissioner determines the person is servicing student loans in Minnesota pursuant to a contract awarded by the United States Secretary of Education under United States Code, title 20, section 1098f. The company must upload written documentation from the US Secretary of Education that establishes such contract. This document should be named Secretary of Education Contract.

   Submitted via: Upload in NMLS: under the Document Type Additional Requirements in the Document Uploads section of the Company Form (MU1).

General information

Other Minnesota mortgage licenses

• Accelerated Mortgage Payment Provider License
• Mortgage Loan Originator
• Residential Mortgage Originator Exemption
• Residential Mortgage Originator License
• Residential Mortgage Servicer Exemption
• Residential Mortgage Servicer License
• All 9 Minnesota licenses

Sourced from the NMLS/CSBS state licensing record, last updated April 28, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.