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Mission
“The mission of the Minnesota Department of Commerce is to ensure equitable commercial and financial transactions and reliable utility services by: regulating and licensing business activity in more than 20 industries; investigating and resolving consumer complaints; advocating the public's interest before the Public Utilities Commission; and, administering various state programs”
Purpose
The Minnesota Department of Commerce review the financial books and operations records for all state chartered banks, credit unions, savings and loans, trust companies, and consumer credit companies. They also license residential mortgage originators and residential mortgage servicers. They do not oversee federally chartered banks.
Contacts and Location
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
General phone numbers, fax numbers, and e-mail addresses
651-296-4026
651-296-2860 (TTY)
651-297-1959 FAX
Commissioner's Office
651-296-6025
651-282-2568 FAX
Complaints
Use the attached link to find instructions on how to file a complaint, look-up licensed individuals and businesses, check enforcement actions, view consumer publications and tips, and much more!
http://www.state.mn.us/cgi-bin/portal/mn/jsp/content.do?programid=536884659&id=-536881350&agency=Commerce
Applications, Registration, Certification
Use the following link to access information about licensing, continuing education, enforcement actions, and filing instructions for new and renewing licensees. Applications forms and instructions are also available for downloading.
http://www.state.mn.us/cgi-bin/portal/mn/jsp/content.do?subchannel=-536881536&id=-536881352&agency=Commerce
Entities Regulated
The following entities are regulated by the Minnesota Department of Commerce.
- Insurance
- Real Estate
- Residential Contractor
- License Education
- Banks, Credit Unions, Trusts
- Debt Collection
- Other Financial Services
- Mortgage Originators & Servicers
- Securities
- Franchises
- Notary Public
- Cosmetology Applications
- Athlete Agent Registration
- Telecommunications
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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