🛡️ Minnesota SSPC Registration Overview
🛡️ Minnesota Registration Requirements for Structured Settlement Purchase Companies
If your business is engaged in the purchase of structured settlement payment rights and you plan to operate in Minnesota, there are specific legal registration requirements you must meet. The Minnesota Secretary of State oversees this process pursuant to Minnesota Statutes, Chapter 549.35.
Who Must Register?
Any company intending to purchase structured settlement payment rights from payees in Minnesota must register as a Structured Settlement Purchase Company (SSPC) with the Secretary of State’s Business Services office.
Registration Types & Fees
Minnesota offers three types of SSPC registrations:
- Initial Registration – $700 filing fee
- Renewal Registration (annual) – $200 filing fee
- Amended Registration – No fee
Application Requirements
The registration application must include:
- Legal Name of the applicant (individual or business entity).
- Principal Office Address including street, city, state, and ZIP.
- Surety Bond or Financial Security: A $50,000 surety bond, letter of credit, or cash bond payable to the State of Minnesota. This bond must remain in effect:
- For the entire duration of registration, and
- For three years after the registration expires or is terminated.
- Notarized Signature of the authorized person completing the application.
Applications can be mailed to:
Minnesota Secretary of State – Business Services
First National Bank Building
332 Minnesota Street, Suite N201
St. Paul, MN 55101
Phone: (651) 296-2803 or 1-877-551-6767
Office hours are Monday through Friday, 8:00 AM – 4:00 PM (excluding holidays).
Annual Renewal Required
SSPCs must renew their registration annually. Renewal requires submitting a new sworn certification that the surety bond or equivalent is still valid, along with the $200 renewal fee.
Active SSPCs in Minnesota
As of the most recent records, these companies are currently registered as active Structured Settlement Purchase Companies in Minnesota:
- DRB Capital LLC
- Stone Street Capital LLC
- Peachtree Settlement Funding, LLC
- J.G. Wentworth Originations, LLC
- Catalina Structured Funding, Inc.
Resources
📍 Related Resources
⚠️ Disclaimer: General information only — not legal advice. Registration requirements change. Verify with current state law. Read full disclaimer →