reglab/housing_qa huggingface dataset:
MN Stat § 53A.03 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.03 — Application For License; Fees.

53A.03 APPLICATION FOR LICENSE; FEES. (a) An application for a license must be in writing, under oath, and in the form prescribed and furnished by the commissioner and must contain the following: (1) the full name and address (both of residence and place of business) of the applicant, and if the applicant is a partnership or association, of every member, and the name and business address if the applicant is a corporation; (2) the county and municipality, with street and number, if any, of all currency exchange locations operated by the applicant; and (3) the applicant's occupation or profession, for the ten years immediately preceding the application; present or previous connection with any other currency exchange in this or any other state; whether the applicant has ever been convicted of any crime; and the nature of the applicant's occupancy of the premises to be licensed; and if the applicant is a partnership or a corporation, the information specified in this paragraph must be supplied for each partner and each officer and director of the corporation. If the applicant is a partnership or a nonpublicly held corporation, the information specified in this paragraph must be required of each partner and each officer, director, and stockholders owning in excess of ten percent of the corporate stock of the corporation. (b) The application shall be accompanied by a nonrefundable fee of $1,000 for the review of the initial application. Upon approval by the commissioner, an additional license fee of $500 must be paid by the applicant as an annual license fee for the remainder of the calendar year. An annual license fee of $500 is due for each subsequent calendar year of operation upon submission of a license renewal application on or before September 1. Fees must be deposited in the state treasury and credited to the general fund. Upon payment of the required annual license fee, the commissioner shall issue a license for the year beginning January 1. (c) The commissioner shall require the applicant to submit to a background investigation conducted by the Bureau of Criminal Apprehension as a condition of licensure. As part of the background investigation, the Bureau of Criminal Apprehension shall conduct criminal history checks of Minnesota records and is authorized to exchange fingerprints with the Federal Bureau of Investigation for the purpose of a criminal background check of the national files. The cost of the investigation must be paid by the applicant. (d) Section 58A.04, subdivisions 2 and 3, apply to this section. (e) For purposes of this section, "applicant" includes an employee who exercises management or policy control over the company, a director, an officer, a limited or general partner, a manager, or a shareholder holding more than ten percent of the outstanding stock of the corporation. History:  1989 c 247 s 3; 1992 c 504 s 3; 1993 c 354 s 1; 1999 c 223 art 2 s 2; 2020 c 80 art 1 s 4
MN Stat § 53A.04 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.04 — Approval Or Denial Of An Application.

53A.04 APPROVAL OR DENIAL OF AN APPLICATION. (a) Within 30 days after the receipt of a complete application, the commissioner shall deny the application or submit the application to the governing body of the local unit of government in which the applicant is located or is proposing to be located. The commissioner may not approve the application without the concurrence of the governing body. The governing body shall give published notice of its intention to consider the issue and shall solicit testimony from interested persons, including those in the community in which the applicant is located or is proposing to be located. If the governing body has not approved or disapproved the issue within 60 days of receipt of the application, concurrence is presumed. The commissioner must approve or disapprove the application within 30 days from receiving the decision of the governing body. The governing body shall have the sole responsibility for its decision. The state shall have no responsibility for that decision. (b) If the application is denied, the commissioner shall send by mail notice of the denial and the reason for the denial to the applicant at the address contained in the application. If an application is denied, the applicant may, within 30 days of receiving the notice of a denial, request a contested case hearing pursuant to chapter 14; provided that if the denial is based upon the refusal of the governing body to concur the governing body must afford the applicant a hearing. The applicant shall have no right to the hearing provided for in this section if the denial is based upon the governing body's refusal to concur but shall have a hearing before the governing body. (c) This section applies to initial applications and renewal applications. (d) The state shall have no responsibility for the action of the governing body. History:  1989 c 247 s 4; 1992 c 504 s 4
MN Stat § 53A.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.05 — Change Of Name, Ownership, Or Location.

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 sections 53A.02, subdivision 2, 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. Subd. 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 this chapter. History:  1989 c 247 s 5; 1992 c 504 s 5; 1999 c 223 art 2 s 3
MN Stat § 53A.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.06 — Fine, Suspension, Or Revocation Of License.

53A.06 FINE, SUSPENSION, OR REVOCATION OF LICENSE. (a) The commissioner may suspend or revoke any license under section 45.027, including when the commissioner finds that: (1) the licensee has failed to pay the annual license fee or to maintain in effect the required bond or to comply with any order, decision, or finding of the commissioner under this chapter; (2) the licensee, or any officer or director of a corporate licensee, has violated any provision of this chapter or any rule or order of the commissioner under this chapter or chapter 45; (3) the licensee, or any officer or director of a corporate licensee, has violated any other law which would indicate that the person is untrustworthy or not qualified to operate a currency exchange; or (4) any fact or condition exists which, if it had existed at the time of the original or renewal application for the license, would have warranted the commissioner refusing the issuance of the license. (b) A licensee may surrender any license by delivery to the commissioner. The surrender does not affect the licensee's civil or criminal liability for acts committed before the surrender, or affect the liability on the bond required by sections 53A.01 to 53A.13, or entitle the licensee to a return of any part of any license fee. (c) Before suspension or revocation of the license, the commissioner may fine a licensee for violations of this chapter as authorized under chapter 45. History:  1989 c 247 s 6; 2014 c 222 art 1 s 6
MN Stat § 53A.07 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.07 — Filing Of Fees; Unreasonable Fees.

53A.07 FILING OF FEES; UNREASONABLE FEES. Subdivision 1. Approval of fees. Fees charged at each location for check cashing services must be filed with and approved by the commissioner. Subd. 2. Amendment of fees. A licensee may amend its fees at any time by filing the proposed amendments with the commissioner. The application for amendment shall be in writing, under oath, and in the form prescribed by the commissioner. A fee of $50 shall accompany the application. The commissioner shall approve or deny the application 60 days after the filing of a complete application to amend its fees. Subd. 3. Standards; unreasonable fees prohibited. The commissioner may disapprove the fees filed by a currency exchange if they are not fair and reasonable. In determining whether a fee is fair and reasonable, the commissioner shall take into consideration: (1) rates charged in the past for cashing of checks by those persons and organizations providing check cashing services in the state of Minnesota; (2) the income, cost, and experience of the operations of currency exchanges existing prior to this enactment or in other states under similar conditions or regulations; (3) the amount of risk involved in the type of check to be cashed and the location where the currency exchange operates; (4) the general cost of doing business, insurance costs, security costs, banking fees, and other costs associated with the operations of the particular currency exchange; (5) a reasonable profit for a currency exchange operation; and (6) any other matter the commissioner deems appropriate. The commissioner shall set a separate rate, consistent with the above standards, for checks issued by a government entity in an amount up to $500 to be cashed by a currency exchange. History:   1989 c 247 s 7
MN Stat § 53A.08 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.08 — Bond.

53A.08 BOND. Before a license may be issued to a currency exchange, the applicant shall file annually with and have approved by the commissioner a surety bond, issued by a bonding company authorized to do business in this state in the principal amount of $10,000. The bond must run to the commissioner and is for the benefit of creditors of the currency exchange for liability incurred by the currency exchange on money orders issued or sold by the currency exchange, for liability incurred by the currency exchange for sums due to a payee or endorsee of a check, draft, or money order left with the currency exchange for collection, and for liability incurred by the currency exchange in connection with providing currency exchange services. The commissioner may require a licensee to file a bond in an additional amount if the commissioner considers it necessary to meet the requirements of this section. In determining the additional amount of the bond which may be required, the commissioner may require the licensee to file its financial records, including all bank statements, pertaining to the sale of money orders for the preceding 12-month period. In no case may the bond be less than the initial $10,000 or more than the outstanding liabilities. History:  1989 c 247 s 8; 1992 c 504 s 6
MN Stat § 53A.09 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.09 — Powers; Limitations; Prohibitions.

53A.09 POWERS; LIMITATIONS; PROHIBITIONS. Subdivision 1. Deposits; escrow accounts. A currency exchange may not accept money or currency for deposit, or act as bailee or agent for persons, firms, partnerships, associations, or corporations to hold money or currency in escrow for others for any purpose. However, a currency exchange may act as agent for the issuer of money orders or travelers' checks. Subd. 2. Gambling establishments. A currency exchange located on the premises of a gambling establishment as defined in section 256.9831, subdivision 1, may not cash a warrant that bears a restrictive endorsement under section 256.9831, subdivision 3. History:  1989 c 247 s 9; 1996 c 465 art 3 s 1
MN Stat § 53A.10 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.10 — Violations.

53A.10 VIOLATIONS. Any person, firm, association, partnership, or corporation that violates this chapter shall be guilty of a misdemeanor. History:   1989 c 247 s 10
MN Stat § 53A.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.11 — Books Of Account; Annual Report.

53A.11 BOOKS OF ACCOUNT; ANNUAL REPORT. The licensee shall keep and use in the licensee's business the books, accounts, and records that will enable the commissioner to determine whether the licensee is complying with this chapter and with the rules adopted by the commissioner. A licensee shall preserve the books, accounts, and records for at least two years after making the final entry. History:   1989 c 247 s 11
MN Stat § 53A.12 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.12 — Rules.

53A.12 RULES. The commissioner may adopt rules under chapter 14 as may be necessary to administer and enforce this chapter. History:   1989 c 247 s 12
MN Stat § 53A.13 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53A — Currency Exchanges|Section 53A.13 — Fee Notice; False Advertising; Penalty.

53A.13 FEE NOTICE; FALSE ADVERTISING; PENALTY. Subdivision 1. Fee notice. The fees charged by currency exchanges for rendering any service authorized by sections 53A.01 to 53A.13 must be prominently displayed on the premises of the currency exchange in the fashion required by the commissioner. Subd. 2. False advertising. A licensee may not advertise, print, display, publish, distribute, or broadcast any statement or representation that is false, misleading, or deceptive, or that omits material information. Subd. 3. Civil liability; penalty. A person who violates any subdivision of this chapter is liable to the person damaged by the violation for actual damages. The court may award reasonable attorney fees and costs. History:   1989 c 247 s 13
MN Stat § 53B.01 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.01 — Citation.

53B.01 CITATION. This chapter may be cited as the "Minnesota Money Transmitters Act." History:   2001 c 148 s 2
MN Stat § 53B.02 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.02 — License Required.

53B.02 LICENSE REQUIRED. On or after January 1, 2002, no person except those exempt pursuant to section 53B.04 shall engage in the business of money transmission without a license as provided in this chapter. A licensee may conduct business in this state at one or more locations, directly or indirectly owned, or through one or more authorized delegates, or both, under a single license granted to the licensee. History:   2001 c 148 s 3
MN Stat § 53B.04 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.04 — Exemptions.

53B.04 EXEMPTIONS. Authorized delegates of a licensee or of an exempt entity, acting within the scope of authority conferred by a written contract as described in section 53B.20, are not required to obtain a license under this chapter. This chapter does not apply to: (1) the United States or any department, agency, or instrumentality of the United States; (2) the United States Postal Service; (3) the state or any political subdivision of the state; (4) banks, credit unions, savings associations, savings banks, mutual banks organized under the laws of any state or the United States, or bank holding companies which have a banking subsidiary located in Minnesota and whose debt securities have an investment grade rating by a national rating agency, provided that if they issue or sell payment instruments through authorized delegates who are not banks, bank holding companies, credit unions, savings associations, savings banks, or mutual banks, those authorized delegates must comply with all requirements imposed upon authorized delegates under this chapter; and (5) the provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality of the United States, or any state or any political subdivision of the state. History:   2001 c 148 s 5
MN Stat § 53B.05 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.05 — License Qualifications.

53B.05 LICENSE QUALIFICATIONS. Subdivision 1. Net worth. Each licensee engaging in money transmission in three or fewer locations in the state, either directly or through authorized delegates, must have a net worth of at least $25,000. Each licensee engaging in money transmission at more than three locations in the state, but fewer than seven locations, either directly or through authorized delegates, must have a net worth of at least $50,000. Each licensee engaging in money transmission at more than six locations in the state, either directly or through authorized delegates, shall have a net worth of $100,000 and an additional net worth of $50,000 for each location or authorized delegate located in the state in excess of seven, to a maximum of $500,000. Net worth shall be calculated in accordance with generally accepted accounting principles. Subd. 2. Corporate applicant; good standing. Every corporate applicant, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, must be in good standing in the state of its incorporation. All noncorporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be registered or qualified to do business in the state. History:  2001 c 148 s 6; 2002 c 326 s 1
MN Stat § 53B.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.06 — Permissible Investments And Statutory Trust.

53B.06 PERMISSIBLE INVESTMENTS AND STATUTORY TRUST. (a) Each licensee under this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments sold by the licensee or reported as sold by an authorized delegate in the United States. This requirement may be waived by the commissioner if the dollar volume of a licensee's outstanding payment instruments does not exceed the bond or other security devices posted by the licensee under section 53B.08. (b) Permissible investments, even if commingled with other assets of the licensee, are considered to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee. History:   2001 c 148 s 7
MN Stat § 53B.09 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.09 — Application Fee.

53B.09 APPLICATION FEE. Each application must be accompanied by a nonrefundable application fee in the amount of $4,000. History:   2001 c 148 s 10
MN Stat § 53B.10 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.10 — Issuance Of License.

53B.10 ISSUANCE OF LICENSE. Subdivision 1. Investigation. Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which must be borne by the applicant. If the commissioner finds that the requirements imposed by this chapter have been met and that the required license fee has been paid, the commissioner shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state for a term of one year. If these requirements have not been met, the commissioner shall deny the application in writing, setting forth the reasons for the denial. Subd. 2. Denial hearing. Any applicant aggrieved by a denial issued by the commissioner under this section may at any time within 30 days from the date of receipt of written notice of the denial contest the denial by serving a response on the commissioner. The commissioner shall set a date for a hearing not later than 60 days after service of the response, unless a later date is set with the consent of the denied applicant. History:   2001 c 148 s 11
MN Stat § 53B.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.11 — Renewal Of License And Annual Report.

53B.11 RENEWAL OF LICENSE AND ANNUAL REPORT. Subdivision 1. Fee. The annual fee for renewal of a license under this chapter is $2,500. Subd. 2. Report. The renewal fee must be accompanied by a report, in a form prescribed by the commissioner. The form must be sent by the commissioner to each licensee no later than three months immediately preceding the date established by the commissioner for license renewal. The licensee must include in this annual renewal report: (1) a copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position, or, in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee's audited annual financial statement; (2) for the most recent quarter for which data are available prior to the date of the filing of the renewal application, but in no event more than 120 days prior to the renewal date, the licensee must provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding; (3) any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter; (4) a list of the licensee's permissible investments; and (5) a list of the locations within this state at which business regulated by this chapter is being conducted by either the licensee or its authorized delegate. Subd. 3. License display. A copy of the license issued by the commissioner to the licensee shall be prominently displayed in each location where money transmission services are offered. History:   2001 c 148 s 12
MN Stat § 53B.12 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 53B — Money Transmitters|Section 53B.12 — Extraordinary Reporting Requirements.

53B.12 EXTRAORDINARY REPORTING REQUIREMENTS. Within 15 days of the occurrence of any one of the events listed below, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state: (1) the filing for bankruptcy or reorganization by the licensee; (2) the institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities; (3) any felony indictment of the licensee or any of its key officers or directors related to money transmission activities; or (4) any felony conviction of the licensee or any of its key officers or directors related to money transmission activities. History:   2001 c 148 s 13