NDI General
The Director of NDI
Who is Mark Hastie?
All non-bank, non-credit union, and non-mortgage consumer lending in Minnesota
What is Consumer Credit?
The supervisor of the licensing staff
Who is Melissa Knoepfler
The number of financial institution examiners on the mortgage team
What is 6?
(Michael, Vicki, Long, Kyle, Mary, Kathy) Alex is the Analyst.
Selling/issuing payment instruments or stored value for receiving money for transmission from a person located in Minnesota
What is Money Transmission?
A financial institution not insured by the FDIC or the NCUA
What is a NDI?
An area of Consumer Credit that oversees servicing of Minnesota consumer school loans
What is Student Loan Servicing?
The average number of licenses that are reviewed per year
What is 3073?
3073 licenses are touched at least once per year for annual renewal in the nationwide licensing system (NMLS). Some license types are also managed because Minnesota Statutes are set that they have a different yearly cycle, some from July 1-June 30, some from June 1-May 31, and some perpetual. This does not include processing all edits to company records.
This type of lender is not part of a federally charted financial institution
What is a Mortgage Company or Mortgage Broker?
The majority of these are conducted in collaboration with other state agencies
What is a Money Transmitter examination?
NDI is an acronym for this
What is/are Non-Depository Institutions?
Another name for the Truth in Lending Act
What is Regulation Z?
What is a Real Estate Broker?
A mortgage examination reviews these company components
What is management, personnel, financial, state and federal regulatory and cybersecurity?
Under Minnesota law, it’s a digital representation of value used as a medium of exchange, unit of account or store of value and is not legal tender
What is Virtual Currency?
A separate division within Commerce that handles all complaints made against a NDI Licensee
What is Enforcement?
The number of license types that Consumer Credit has authority to examine
What is 7?
(Student Loan Servicers, Motor Vehicle Sales Finance, Regulated Lender, Insurance Premium Finance, Industrial Loan and Thrift, Debt Settlement, and Debt Management)
Licensing oversees this number of types of licenses
What is 32?
(21 company, 10 branch, 1 individual)
The frequency in which the Commissioner of Commerce, through examiners, can examine a financial institution
What is at least once every 24 months?
The year Minnesota adopted the Money Transmission Modernization Act
What is 2024?
The five areas of Non-Depository Financial Institutions
What is Consumer Credit, Mortgage, Money Transmission, Student Loan Servicing, and Licensing?
This loan product had recent statutory changes that significantly reduced the volume of Minnesota consumer loans
What is Payday Lending?
This type of company requires a license to conduct business
What is a Mortgage Company/Broker?
Once a year a mortgage examiner or two may assist with this other NDI activity
What is Mortgage license renewal?
Two important acts examiners use in the review of a Money Transmitter Licensee's compliance program to help prevent fraud
What is the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AML)?