Structured Settlement Purchase Company
Effective January 1, 2023, a person or entity operating as a structured settlement purchase company in Minnesota must register with the Secretary of State pursuant to Minnesota Statutes, section 549.35, subd. 3 (b). Operating as a structured settlement purchase company includes acting as a transferee, attempting to acquire structured settlement payment rights from a payee residing in Minnesota, and/or filing a structured settlement transfer proceeding in Minnesota. For more information regarding structured settlements and the registration of structured settlement purchase companies, please see Minnesota Statues, section 549.35.
To register as a structured settlement purchase company (“SSPC”), an applicant must complete the Application - Structured Settlement Purchase Company Registration form and submit it to the Business Services Division of the Minnesota Secretary of State’s office. The fee payment of $700 and a sworn certification of surety bond must accompany the application. If the structured settlement purchase company's application is accepted, the company will be registered for a one-year period.
The registration is renewable annually. To renew, the SSPC registrant must submit to the Business Services Division a completed Application - Structured Settlement Purchase Company Renewal, along with a sworn certification of surety bond and the $200 fee payment. The renewal application must be received in the Business Services Division's office on or before the expiration date. Registrations may be renewed up to 60 days before the expiration date.
The sworn certification of surety bond which is included in the initial registration application and any subsequent renewal application, must be in compliance with Minnesota Statutes, section 549.35, subd. 3. The bond must be payable to the State of Minnesota. The surety bond must be effective concurrently with the SSPC’s registration with the Secretary of State, must be renewed each year when the registration is renewed, and must remain in effect for not less than 3 years after expiration or termination of that registration. If the bond is modified or cancelled, then written notice must be sent to the Secretary of State at least 20 days prior to the effective date of such modification or cancellation. If the bond is cancelled, then the registration of the SSPC is automatically cancelled unless a new surety bond, letter of credit, or cash bond is filed with the Secretary of State.
Questions regarding the application forms or process for registering or renewing a structured settlement purchase company may be directed to firstname.lastname@example.org or by calling our Business Services Division at 651-296-2803.
Please use the following links for the application form and more information: