Source: https://mn.gov/commerce/industries/financial-institutions/money-transmission/
Timestamp: 2019-01-19 09:07:33
Document Index: 193466000

Matched Legal Cases: ['§53', '§ 53', '§ 53', '§53', '§53', '§53', '§53', '§53', '§53', '§47', 'art 2675']

Money Transmission / Minnesota.gov
The Minnesota Department of Commerce licenses and regulates individuals and businesses that cash checks, transmit money, own and operate ATMs, and provide electronic funds transfers.
Beginning September 1, 2016, individuals and business who currently have a currency exchange license will need to register with NMLS.
Currency Exchange Licenses (.pdf)
Beginning July 1, 2016, individuals and business who own or maintain an ATM will need to register with NMLS.
Minnesota Statute §53B exempts certain entities from the licensing requirements including, but not limited to:
$4,000 initial license application fee. The fee is nonrefundable.
2017: Enforcement Guidance regarding Minnesota Statutes§ 53B.27, subdivision 3 Money Transmitters "No Transmit" List (.pdf)
2016: Enforcement Guidance regarding Minnesota Statutes§ 53B.27, subdivision 3 Money Transmitters "No Transmit" List (.pdf)
The Currency Exchange BCA form needs to be completed for Currency Exchange License renewals
Currency Exchange & Check Cashers
A Currency Exchange, or check cashing company, can provide check-cashing services for a fee at a location that is not associated with a financial institution. The law governing these companies are found in Minnesota Statute §53A and Minnesota Administrative Rule 2872.0100. Licensing is required in Minnesota.
$1,500 initial application fee
Provide a current fee schedule
Licenses issued under Minnesota Statute §53A expire annually on December 31. Renewal notices will be mailed to the address on record in August. The renewal will be due on September 1.
Minnesota Statute §53a.05 - Change of name, ownership, or location:
Subdivision 1 -Name or location: If a licensee proposes to change the name or location of any or all of its currency exchanges, the licensee shall file an application for approval of the change with the commissioner. The commissioner shall not approve a change of location if the requirements of Minnesota Statute §53a.02, and §53a.04 have not been satisfied. If the change is approved by the commissioner, the commissioner shall issue an amended license in the licensee's new name or location. A $100 fee must be paid for the amended license.
Subdivision 2 - Ownership: The licensee shall notify the commissioner 30 business days in advance of any change in ownership of the currency exchange. The commissioner may revoke the currency exchange license if the new ownership would have resulted in a denial of the initial license under the provisions of Minnesota Statute §53a.
The steps to apply for a currency exchange license (aka check cashing license) are outlined on the NMLS website.
Questions about the application process or license requirements
electronicfinancialterminal.commerce@state.mn.us
Automated Teller Machines (electronic financial terminals) that are owned by an individual and are not associated with a state or federally chartered institution must apply for an authorization. See Minnesota Statute §47.61 and Minnesota Rules Part 2675.8100 to 8190. The application includes a $100 one-time fee.Specific information and documentation required by law or rule include:
Location and description of the machine, its technical operating standards and systems employed to safeguard the customers' account information and prevent unauthorized use.
Types of transactions to be available which are normally limited by the agreements to cash withdrawal and balance inquiry.
Who has control over the equipment, including servicing agreements.
Evidence of financial soundness and responsibility of the person controlling the machine. This can take the form of:
A Bond for Ownership of Electronic Financial Terminal in the amount of $5,000 per ATM; or
A certificate of deposit in the amount of $5,000 per ATM which may be pledged or assigned to the Commissioner of Commerce; or
A current business financial statement for the owner of the ATM.
The steps to apply for electronic financial terminals (aka ATMs) are outlined on the NMLS website.