Bill > HF3706

This bill modifies various provisions governing nondepository financial institutions, which are businesses that offer financial services but do not accept traditional customer deposits like banks. Key changes include expanding the types of financial institutions that can originate and service residential mortgages under chapter 58, clarifying the definition of a "consumer small loan lender" to include those who arrange such loans, and allowing sales finance companies to operate under certain provisions of section 47.59, which governs credit sales. The bill also updates requirements for virtual currency businesses regarding their net worth calculations and record-keeping, clarifies that residential mortgage originators and servicers licensed under chapter 58 are exempt from certain licensing requirements under chapter 56, and mandates that individuals arranging consumer short-term loans must obtain a license under chapter 56. Additionally, it requires licensees offering services via the internet to display their license number on webpages, increases the required surety bond amount for residential mortgage originators and servicers from $100,000 to $125,000, and updates registration procedures for student loan lenders. Finally, the bill redefines "credit services organization" to exclude entities registered as debt management or debt settlement services providers, and it repeals certain provisions related to annual license fees, accreditation for debt management services, and registration requirements for debt management services providers.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/HF/3706/