Eliminate obsolete dates for lenders

A bill for an act

relating to commerce; eliminating obsolete dates; amending Minnesota Statutes

2024, section 58B.051.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 58B.051, is amended to read:

58B.051 REGISTRATION FOR LENDERS.

(a)
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Beginning January 1, 2025,
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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.