Minnesota Commerce Department 2018 Renewal Checklist

Transcription

1 Minnesota Commerce Department 2018 Renewal Checklist Instructions Renewal requests must be submitted through by the date specified by your state regulator(s). Click here to review all renewal deadlines, requirements and fees. Review the Renewal Checklist to determine any documentation required by the state outside of. All requirements must be submitted to the agency within five business days of the electronic renewal submission. Note: Residential Mortgage Originator Exemption, Residential Mortgage Servicer Exemption, Motor Vehicle Sales Finance, and Insurance Premium Finance licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. No additional tasks are required to complete your 2018 Renewal. License Types Residential Mortgage Originator License Residential Mortgage Servicer License Money Transmitter License Credit Services Organization License Currency Exchange License Electronic Financial Terminal License Accelerated Mortgage Payment Provider License Agency Contact Information Contact Minnesota Commerce Department licensing staff by phone at (651) or send your questions via to nondepositoryinstitutions.commerce@state.mn.us for additional assistance. Commerce Department Financial Institutions Division 85 7th Place East, Suite 280 St. Paul, MN THE LICENSEE IS FULLY RESPONSIBLE FOR MEETING ALL OF THE REQUIREMENTS OF THE AGENCY FROM WHICH THE LICENSE FOR WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. Page 1 of 10

2 ID Number Minnesota Residential Mortgage Originator License Minnesota 2018 License Renewal Notice: Mortgage Originator and Servicer Companies must complete and mail the Notice by December 15, Click to Download Form. : An electronic surety bond (ESB) must be submitted via. The bond amount must be based on the dollar amount of closed residential mortgage loans originated in Minnesota in the preceding year according to the table below: Total Dollar Amount of Closed Residential Mortgage Loans $0 to $5,000,000 $100,000 $5,000, to $10,000,000 $125,000 $10,000, to $25,000,000 $150,000 Over $25,000,000 $200,000 Minimum Required Bond Amount Companies should review bond to ensure the correct bond amount is submitted with renewal. Note: The conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. Mail to MN Commerce Department in. Updated 10/8/2017 Page 2 of 10

3 ID Number Minnesota Residential Mortgage Servicer License Minnesota 2018 License Renewal Notice: Mortgage Originator and Servicer Companies must complete and mail the Notice by December 15, Click to Download Form. : An electronic surety bond (ESB) must be submitted via and the amount of $100,000. In the alternative, a letter of credit in the amount of $100,000 or evidence of approved seller/servicer by FNMA or FHLMC documentation must be Note: If using a surety bond to satisfy this requirement, the conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. Mail to MN Commerce Department in or Surety Bond in the Updated 10/8/2017 Page 3 of 10

4 ID Number Minnesota Money Transmitter License The following should be completed by December 1, 2017: Financial Statement: Upload into a copy of the most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial statement. The upload should go into the Financial State Summary. Security Device: Upload into one of the following: An electronic surety bond (ESB) must be submitted via. Review Minn. Stat. 53B.08 to determine the amount of the bond; or An irrevocable letter of credit evidencing coverage through 2018; or Evidence of the security device in force and effect. Note: If using a surety bond to satisfy this requirement, the conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. Permissible Investments: Upload in a list of the licensee s permissible investments as defined in Minn. Stat. 53B.03, subd. 16. Payment Instrument Information: For the quarter July 1, 2017 to September 30, 2017, Mail to the Department the following: in OR Surety Bond Alternate Security Device in the Upload in : Permissible Investments in the Document Uploads section of MU1 Mail to MN Commerce Department Number of payment instruments sold/issued by the licensee in the State of Minnesota. The dollar amount of the payment instruments sold/issued. The dollar amount of those instruments currently outstanding. Uniform Authorized Agent Reporting: Licensees must ensure their agent information in the Uniform Authorized Agent Reporting (UAAR) functionality is up-to-date and reflects the current status of their agents. For assistance using the UAAR, consult the Resource Center. Page 4 of 10

5 Minnesota Money Transmitter License Company Form (MU1) Updates: Any material changes to the information contained in the MU1 that has not previously been reported to the Department must be filed as an amendment into. Updated 8/31/2017 Page 5 of 10

6 ID Number Minnesota Credit Services Organization License Annual Renewal: All licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. Security Device: Upload into one of the following: 1. : Submit an (ESB) via in the amount of $10, Surety Bond Alternate Security Device: Cash or securities to be deposited with the Commissioner of Management and Budget, provided prior approval has been obtained. This document should be uploaded in under the Document Type Surety Bond-Alternate Security Device in the Form (MU1). This document should be named [License Type] Security Device. An original copy of this document must also be mailed to the address listed above. Note: If using a surety bond to satisfy this requirement, the conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. 1. Electronic Surety Bond in Or; 2. Upload in : under Surety Bond Alternate Security Device in the section of the Company Form (MU1) AND Mail to MN Commerce Department Updated 8/31/2017 Page 6 of 10

7 ID Number Minnesota Currency Exchange License Minnesota License Renewal Notice: Complete and mail the Annual License Renewal Form due by September 30. The renewal form has been ed to the location or Click to Download Form. The $500 renewal must also be paid via the invoice that has been set in the company s account. Annual Renewal: All licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. : Submit an (ESB) via in the amount of $10,000. Note: The conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. BCA Form: For each person that completes an Individual Form (MU2) in, a criminal background report must be provided. Click here to download the form. Update Business Plan Information: Upload an updated business plan with the following information. Fee Schedule - Upload a current fee schedule that is posted at the currency exchange office for cashing checks, money orders or travelers checks. In addition, upload a photograph of the fee schedule that is displayed on the premises. Company Locations - Upload a list of currency exchange locations in Minnesota operated by the licensee. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be 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. Mail to MN Renewal form to Commerce Department. Pay fee via Agency Fee Invoice. in Mail to MN Renewal form to Commerce Department. Business Plan in the Page 7 of 10

8 Minnesota Currency Exchange License Updated 8/31/2017 Page 8 of 10

9 ID Number Minnesota MN Electronic Financial Terminal License Annual Renewal: All licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. : via in the amount of $5,000 furnished and submitted by a surety company authorized to conduct business in Minnesota. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement. Alternative to surety bond: A licensee may file a financial statement or other collateral security acceptable to the Commissioner in lieu of a surety bond as permitted by Minn. Stat , subd. 5. This item should be mailed to MN and uploaded in under Surety Bond Alternate Security Device in the in or Upload in AND Mail the other collateral security device to the MN Commerce Department. Minnesota MN Electronic Financial Terminal Branch License Annual Renewal: All licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. Surety Bond: Ensure the amount of coverage on the for the company meets the requirements for the total number of locations. Note: The amount of $5,000 is required per EFT location. Alternative to surety bond: A licensee may file a financial statement or other collateral security acceptable to the Commissioner in lieu of a surety bond as permitted by Minn. Stat , subd. 5. in or Upload in AND Mail the other collateral security device to the MN Commerce Department Updated 8/31/2017 Page 9 of 10

10 ID Number Minnesota Accelerated Mortgage Payment Provider License Annual Renewal: All licensees must complete the Annual Renewal Process through between November 1 st and December 31 st. During this process, licensees will pay a $100 annual processing fee however, there will be no additional Minnesota renewal fees paid. : via in the amount of $100,000 furnished and submitted by a surety company authorized to conduct business in Minnesota. Note: Surety bonds submitted via the section will not satisfy this Note: If using a surety bond to satisfy this requirement, the conversion to an electronic surety bond form is required for the 2018 Renewal for this license type. Renewal requests will be placed on hold pending submission and review of the electronic surety bond. Note that all bonds must be converted, including any additional bonds that the Division required at its discretion. in Updated 8/31/2017 Page 10 of 10