The problem is that MC creates various files and stores them in the settings folder, located in the program root.
The default permissions in Windows do not allow programs to create files in some folders.
The short-term solution is to either change the permissions, or much more easily locate the program to another location than "Program Files"
The long-term solution is for me to use Application Data folders for such things.
@StormyKnight in this case, the all the .dll libraries are loaded on startup by .NET, they are set to be located in the folder root. I am not sure you can change this. I planned to have them located in a subfolder, but no matter what I tried, I could not get them to load outside of the IDE