Subd. 1. Authority.

The commissioner may grant a temporary license to an applicant who can demonstrate successful completion of all requirements for a permanent license. The temporary license will remain in effect until the earliest of:

1. (1) receipt by the applicant of the permanent license;
2. (2) the expiration of 45 days from the date on which the temporary license was granted; or
3. (3) denial by the commissioner of the permanent license.

Subd. 2. Nonapplication.

A temporary license as described in this section may not be issued to an applicant for licensure as a:

1. (1) currency exchange regulated under chapter 53A;
2. (2) collection agency regulated under sections 332.31 to 332.45;
3. (3) credit service organization regulated under sections 332.52 to 332.60; or
4. (4) broker-dealer, investment advisor, or agent regulated under chapter 80A.