Minn. Stat. § 58B.051
This is the official text of Minn. Stat. § 58B.051, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 58B.051 REGISTRATION FOR LENDERS.
Official statutory 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 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 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.
(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 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.
Status: in_force · Read it on the official government site
Need a lawyer in Minnesota?
Find a Minnesota lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.