reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.02 — Capital.

53.02 CAPITAL.
No corporation shall be organized under this chapter or qualified to do business thereunder with a capital represented by shares of common stock of less than $25,000 in cities with less than 50,000 people; $50,000 in cities with more than 50,000 people and less than 100,000 people; and $75,000 in cities with 100,000 people, or more, according to the last official census; each share of that common stock to have a par value of not less than $1 per share. No corporation shall begin doing business under this chapter unless the required capital is fully paid, and unless a surplus of no less than ten percent of that required capital shall have also been fully paid and set up. After the required capital of a corporation organized or doing business under this chapter shall have been fully paid and a surplus of not less than ten percent thereof also fully paid and set up, additional capital stock in that corporation may be sold at not less than par, provided, however, that there is always maintained a surplus of at least ten percent of the capital of the corporation represented by shares of common stock.
History:
(7774-26) 1933 c 246 s 2; 1943 c 67 s 2; 1947 c 20 s 1; 1971 c 442 s 2; 1989 c 166 s 18
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.05 — Powers, Limitation.

53.05 POWERS, LIMITATION.
No industrial loan and thrift company may do any of the following:
(1) carry demand banking accounts; use the word "savings" unless the institution's investment certificates, savings accounts, and savings deposits are insured by the Federal Deposit Insurance Corporation and then only if the word is not followed by the words "and loan" in its corporate name; use the word "bank" or "banking" in its corporate name; operate as a savings bank;
(2) have outstanding at any one time certificates of indebtedness, savings accounts, and savings deposits 30 times the sum of capital stock and surplus of the company;
(3) accept trusts, except as provided in section 47.75, subdivision 1, or act as guardian, administrator, or judicial trustee in any form;
(4) deposit any of its funds in any banking corporation, unless that corporation has been designated by vote of a majority of directors or of the executive committee present at a meeting duly called, at which a quorum was in attendance;
(5) change any allocation of capital made pursuant to section 53.03 or reduce or withdraw in any way any portion of the capital stock and surplus without prior written approval of the commissioner of commerce;
(6) take any instrument in which blanks are left to be filled in after execution;
(7) lend money in excess of 20 percent of the total of its capital stock and surplus at all its authorized locations to a person primarily liable. Companies not issuing investment certificates of indebtedness under section 53.04 need not comply with the requirement if the amount of money lent does not exceed $100,000 of principal as defined by section 47.59, subdivision 1, paragraph (p).
However, industrial loan and thrift companies with deposit liabilities must comply with the provisions of section 48.24; or
(8) issue cashier's checks pursuant to section 48.151, unless and at all times the aggregate liability to all creditors on these instruments is protected by a special fund in cash or due from banks to be used solely for payment of the cashier's checks.
History:
(7774-29) 1933 c 246 s 5; 1947 c 20 s 3; 1971 c 442 s 4; 1975 c 373 s 2; 1976 c 235 s 3; 1983 c 250 s 24; 1983 c 252 s 7; 1983 c 289 s 114 subd 1; 1984 c 473 s 5; 1984 c 655 art 1 s 92; 1Sp1985 c 1 s 13; 1987 c 349 art 1 s 33; 1989 c 166 s 21; 1997 c 157 s 45
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.06 — Directors, Residence.

53.06 DIRECTORS, RESIDENCE.
At least three-fourths of the directors of any industrial loan and thrift company holding a certificate that includes the right to issue thrift certificates for investment must be residents of Minnesota.
History:
(7774-30) 1933 c 246 s 6; 1943 c 67 s 3; 1947 c 20 s 4; 1971 c 442 s 6; 1980 c 503 s 1; 1983 c 250 s 25; 1989 c 166 s 22; 1989 c 341 art 2 s 3
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.07 — Reserve.

53.07 RESERVE.
Subdivision 1.
Liquidity requirement.
An industrial loan and thrift company shall maintain reserves in the form of liquid assets at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. Reserves shall be in cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the United States and its territories, or short term, direct obligations of or guaranteed by the United States government. Obligations must mature within one year to be considered short term. The commissioner may prescribe the required amount of reserves in relation to liabilities for an individual industrial loan and thrift company from time to time based upon examination findings or other reports relating to the industrial loan and thrift company that are available to the commissioner. Reserves for an individual industrial loan and thrift company as prescribed by the commissioner pursuant to this section shall be enforced in accordance with sections 46.24 and 46.30 to 46.33.
Subd. 2.
Temporary reserve minimum.
Until an industrial loan and thrift company obtains a commitment for insurance or guarantee of accounts acceptable to the commissioner as required by section 53.10, it shall establish a minimum reserve against the certificates of indebtedness, savings accounts, and savings deposits described in section 53.04, subdivision 5, of not less than ten percent of the amount of indebtedness thus created. Three percent of this indebtedness shall be in cash in the actual possession of the industrial loan company or on demand deposit in approved banks of this state, and seven percent of the total indebtedness may be in bonds admissible for investment by savings banks under the laws of this state.
History:
(7774-31) 1933 c 246 s 7; 1976 c 235 s 4; 1982 c 473 s 21; 1983 c 252 s 8; 1987 c 384 art 2 s 1; 1996 c 414 art 1 s 24; 1997 c 187 art 3 s 12
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.08 — Dividends.

53.08 DIVIDENDS.
Subdivision 1.
General conditions for dividends.
When an industrial loan and thrift company is organized under this chapter or operating thereunder, the board of directors may declare a dividend of so much of the net profits of the corporation, after providing for all expenses, reserves, interest, and taxes accrued or due from the corporation, as they shall judge expedient, but before any dividend is declared, not less than one-tenth of the net profits of the industrial loan and thrift company of the preceding half year, or for such period as is covered by the dividend, shall be carried to surplus until the aggregate of undivided profits and surplus shall amount to 20 percent of its capital represented by shares of common stock.
Subd. 2.
Special conditions for deposit companies.
In addition to the conditions in subdivision 1, industrial loan and thrift companies having outstanding time certificates of indebtedness, savings accounts, or savings deposits must comply with the following special conditions:
(1) the dividend period for the purpose of declaring dividends shall be the period beginning on January 1 and ending as of the close of business December 31 of each calendar year and the net income for this period shall be determined from the consolidated report of income of each company;
(2) the Department of Commerce will supply each company with forms to be completed with information called for. The forms must be mailed or delivered to the commissioner within ten days of the date of declaration of any dividend and at least 15 days before the proposed payment date of any dividend. The forms shall contain a statement by the commissioner providing that if certain requirements as set forth in the statement are met, the company may pay a cash dividend or dividends without specific approval of the commissioner in the year after the dividend period in amounts so as not to reduce the company's capital, surplus, undivided profits, and reserves below these requirements;
(3) declared dividends shall be deducted from undivided profits and carried on the books as another liability entitled "dividends payable." The other liability account shall be reversed upon payment or nonapproval by the commissioner; and
(4) except as provided in clause (2), no company shall pay a cash dividend to its stockholders until written approval for the dividend has been obtained from the commissioner.
History:
(7774-32) 1933 c 246 s 8; 1947 c 20 s 5; 1971 c 442 s 5; 1989 c 166 s 23
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53 — Industrial Loan And Thrift Companies › Section 53.10 — Mandatory Insurance Of Accounts.

53.10 MANDATORY INSURANCE OF ACCOUNTS.
Subdivision 1.
Requirement for existing companies.
Not later than July 1, 1987, every industrial loan and thrift company operating under this chapter with consent or holding a certificate of authorization, which includes the right to sell and issue for investment certificates of indebtedness, savings accounts, and savings deposits, shall obtain a commitment for insurance or guarantee of the certificates, accounts, or deposits by the Federal Deposit Insurance Corporation, an agency of this state, or a federal agency established for the purpose of insuring deposits in banks or otherwise eligible to insure the savings accounts and savings deposits in industrial loan and thrift companies operating pursuant to this chapter.
Subd. 2.
Extension to obtain commitment.
The commissioner of commerce shall grant additional time or times to obtain the commitment for insurance or guarantee upon satisfactory evidence that the industrial loan and thrift company has made or is making a substantial effort to achieve the conditions precedent to issuance of the commitment. Additional time or times shall not extend later than July 1, 1988.
Subd. 3.
Requirement for new companies.
No industrial loan and thrift company shall hereafter be granted consent, or issued a certificate of authorization which includes the right to issue for investment certificates of indebtedness, savings accounts, and savings deposits unless the industrial loan and thrift company has obtained a commitment for insurance or guarantee of such certificates which meets the conditions of subdivision 1.
Subd. 4.
Transitional requirement; continuing requirement.
Until the time the requirements of subdivisions 1 and 2 are fully satisfied, any existing insurance or guarantee approved by the commissioner of commerce pursuant to Laws 1980, chapter 503, section 3, must be maintained as a condition to continued operations. Thereafter every industrial loan and thrift company shall at all times maintain in effect insurance of its accounts by the Federal Deposit Insurance Corporation, an agency of this state or a federal agency established for the purpose of insuring deposits in banks or otherwise eligible to insure the accounts of industrial loan and thrift companies operating pursuant to this chapter. If it appears to the commissioner that an industrial loan and thrift company has failed to meet the requirements of this section, the commissioner shall issue an order pursuant to sections 46.24 to 46.33 requiring compliance or the noncompliant industrial loan and thrift company to cease and desist from accepting savings or deposit accounts and submit a plan to the commissioner for the orderly and timely divestiture of all existing savings and deposit accounts.
History:
1980 c 503 s 3; 1981 c 132 s 5; 1983 c 252 s 9; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1985 c 13 s 189
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53A — Currency Exchanges › Section 53A.01 — Definitions.

53A.01 DEFINITIONS.
Subdivision 1.
Currency exchange.
"Currency exchange" means any person, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company, engaged in the business of cashing checks, drafts, money orders, or travelers' checks for a fee. "Currency exchange" does not include a person who provides these services incidental to the person's primary business if the charge for cashing a check or draft does not exceed $1 or one percent of the value of the check or draft, whichever is greater.
Subd. 2.
Commissioner.
"Commissioner" means the commissioner of commerce.
History:
1989 c 247 s 1; 1995 c 202 art 1 s 25
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53A — Currency Exchanges › Section 53A.02 — License.

53A.02 LICENSE.
Subdivision 1.
Requirement.
A person may not engage in the business of a currency exchange without first obtaining a license from the commissioner. Not more than one place of business may be operated under the same license, but the commissioner may issue more than one license to the same licensee upon compliance by the applicant with all the provisions of this chapter for each new license issued.
Subd. 2.
Distance limitation.
No license may be issued or renewed under this chapter if the place of business to be operated under the license is located or proposed to be located within one-half mile of another licensed currency exchange. The distance limitation imposed by this subdivision is measured by a straight line from the closest points of the closest structures involved.
Subd. 3.
Prohibition.
A licensee may not contract with another person or business entity to manage the currency exchange business. This subdivision does not prohibit the licensee from employing persons to operate a currency exchange facility.
History:
1989 c 247 s 2; 1992 c 504 s 2
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.30 — Authority To Require Demonstration Of Exemption.

53B.30 AUTHORITY TO REQUIRE DEMONSTRATION OF EXEMPTION.
The commissioner may require any person that claims to be exempt from licensing under section 53B.29 to provide to the commissioner information and documentation that demonstrates the person qualifies for any claimed exemption.
History:
2023 c 57 art 3 s 17
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.31 — Implementation.

53B.31 IMPLEMENTATION.
Subdivision 1.
General authority.
In order to carry out the purposes of this chapter, the commissioner may, subject to section 53B.32, paragraphs (a) and (b):
(1) enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to (i) improve efficiencies and reduce regulatory burden by standardizing methods or procedures, and (ii) share resources, records, or related information obtained under this chapter;
(2) use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter;
(3) accept from other state or federal government agencies or officials any licensing, examination, or investigation reports made by the other state or federal government agencies or officials; and
(4) accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.
Subd. 2.
Administrative authority.
The commissioner is granted broad administrative authority to: (1) administer, interpret, and enforce this chapter; (2) adopt regulations to implement this chapter; and (3) recover the costs incurred to administer and enforce this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this chapter.
History:
2023 c 57 art 3 s 18
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.32 — Confidentiality.

53B.32 CONFIDENTIALITY.
(a) All information or reports obtained by the commissioner contained in or related to an examination that is prepared by, on behalf of, or for the use of the commissioner are confidential and are not subject to disclosure under section 46.07.
(b) The commissioner may disclose information not otherwise subject to disclosure under paragraph (a) to representatives of state or federal agencies pursuant to section 53B.31, subdivision 1.
(c) This section does not prohibit the commissioner from disclosing to the public a list of all licensees or the aggregated financial or transactional data concerning those licensees.
History:
2023 c 57 art 3 s 19
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.33 — Supervision.

53B.33 SUPERVISION.
(a) The commissioner may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, rules implementing this chapter, and other applicable law, including the Bank Secrecy Act and the USA PATRIOT Act, Public Law 107-56. The commissioner may:
(1) conduct an examination either on site or off site as the commissioner may reasonably require;
(2) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;
(3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the commissioner; and
(4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
(b) A licensee or authorized delegate must provide, and the commissioner has full and complete access to, all records the commissioner may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the commissioner. The commissioner may use multistate record production standards and examination procedures when the standards reasonably achieve the requirements of this paragraph.
(c) Unless otherwise directed by the commissioner, a licensee must pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.
History:
2023 c 57 art 3 s 20
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.34 — Networked Supervision.

53B.34 NETWORKED SUPERVISION.
(a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Association, and the affiliates and successors of the Conference of State Bank Supervisors and the Money Transmitter Regulators Association for all licensees that hold licenses in this state and other states. As a participant in multistate supervision, the commissioner may:
(1) cooperate, coordinate, and share information with other state and federal regulators in accordance with section 53B.32;
(2) enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and
(3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, provided that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with section 53B.32.
(b) The commissioner is prohibited from waiving, and nothing in this section constitutes a waiver of, the commissioner's authority to conduct an examination or investigation or otherwise take independent action authorized by this chapter, or a rule adopted or order issued under this chapter, to enforce compliance with applicable state or federal law.
(c) A joint examination or investigation, or acceptance of an examination or investigation report, does not waive an examination fee provided for in this chapter.
History:
2023 c 57 art 3 s 21
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.35 — Relationship To Federal Law.

53B.35 RELATIONSHIP TO FEDERAL LAW.
(a) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission is governed by the applicable federal law to the extent of the inconsistency.
(b) In the event of any inconsistencies between this chapter and a federal law that governs pursuant to paragraph (a), the commissioner may provide interpretive guidance that:
(1) identifies the inconsistency; and
(2) identifies the appropriate means of compliance with federal law.
History:
2023 c 57 art 3 s 22
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.36 — License Required.

53B.36 LICENSE REQUIRED.
(a) A person is prohibited from engaging in the business of money transmission, or advertising, soliciting, or representing that the person provides money transmission, unless the person is licensed under this chapter.
(b) Paragraph (a) does not apply to:
(1) a person that is an authorized delegate of a person licensed under this chapter acting within the scope of authority conferred by a written contract with the licensee; or
(2) a person that is exempt under section 53B.29 and does not engage in money transmission outside the scope of the exemption.
(c) A license issued under section 53B.40 is not transferable or assignable.
History:
2023 c 57 art 3 s 23
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.37 — Consistent State Licensing.

53B.37 CONSISTENT STATE LICENSING.
(a) To establish consistent licensing between Minnesota and other states, the commissioner is authorized to:
(1) implement all licensing provisions of this chapter in a manner that is consistent with (i) other states that have adopted substantially similar licensing requirements, or (ii) multistate licensing processes; and
(2) participate in nationwide protocols for licensing cooperation and coordination among state regulators, provided that the protocols are consistent with this chapter.
(b) In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the commissioner to:
(1) collect and maintain records;
(2) coordinate multistate licensing processes and supervision processes;
(3) process fees; and
(4) facilitate communication between the commissioner and licensees or other persons subject to this chapter.
(c) The commissioner is authorized to use NMLS for all aspects of licensing in accordance with this chapter, including but not limited to license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
(d) The commissioner is authorized to use NMLS forms, processes, and functions in accordance with this chapter. If NMLS does not provide functionality, forms, or processes for a requirement under this chapter, the commissioner is authorized to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.
(e) For the purpose of participating in the NMLS registry, the commissioner is authorized to, by rule or order: (1) waive or modify, in whole or in part, any or all of the requirements; and (2) establish new requirements as reasonably necessary to participate in the NMLS registry.
History:
2023 c 57 art 3 s 24
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.39 — Information Requirements; Certain Individuals.

53B.39 INFORMATION REQUIREMENTS; CERTAIN INDIVIDUALS.
Subdivision 1.
Individuals with or seeking control.
Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual must furnish to the commissioner through NMLS:
(1) the individual's fingerprints for submission to the Federal Bureau of Investigation and the commissioner for a national criminal history background check, unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years; and
(2) personal history and business experience in a form and in a medium prescribed by the commissioner, to obtain:
(i) an independent credit report from a consumer reporting agency;
(ii) information related to any criminal convictions or pending charges; and
(iii) information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.
Subd. 2.
Individuals having resided outside the United States.
(a) If an individual has resided outside of the United States at any time in the last ten years, the individual must also provide an investigative background report prepared by an independent search firm that meets the requirements of this subdivision.
(b) At a minimum, the search firm must:
(1) demonstrate that the search firm has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report; and
(2) not be affiliated with or have an interest with the individual the search firm is researching.
(c) At a minimum, the investigative background report must be written in English and must contain:
(1) if available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish a credit report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(2) criminal records information for the past ten years, including but not limited to felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(3) employment history;
(4) media history, including an electronic search of national and local publications, wire services, and business applications; and
(5) financial services-related regulatory history, including but not limited to money transmission, securities, banking, consumer finance, insurance, and mortgage-related industries.
History:
2023 c 57 art 3 s 26
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.41 — License Renewal.

53B.41 LICENSE RENEWAL.
(a) A license under this chapter must be renewed annually. An annual renewal fee of $2,500 must be paid no more than 60 days before the license expires. The renewal term is a period of one year and begins on January 1 each year after the initial license term. The renewal term expires on December 31 of the year the renewal term begins.
(b) A licensee must submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain a description of each material change in information submitted by the licensee in the licensee's original license application that has not been previously reported to the commissioner.
(c) The commissioner may grant an extension of the renewal date for good cause.
(d) The commissioner is authorized to use the NMLS to process license renewals, provided that the NMLS functionality is consistent with this section.
History:
2023 c 57 art 3 s 28
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.42 — Maintenance Of License.

53B.42 MAINTENANCE OF LICENSE.
(a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the commissioner may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for license suspension or revocation.
(b) An applicant for a money transmission license must demonstrate that the applicant meets or will meet, and a money transmission licensee must at all times meet, the requirements in sections 53B.59 to 53B.61.
History:
2023 c 57 art 3 s 29
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.44 — Change Of Key Individuals; Notice And Information Requirements.

53B.44 CHANGE OF KEY INDIVIDUALS; NOTICE AND INFORMATION REQUIREMENTS.
(a) A licensee that adds or replaces any key individual must:
(1) provide notice, in a manner prescribed by the commissioner, within 15 days after the effective date of the key individual's appointment; and
(2) provide the information required under section 53B.39 within 45 days of the effective date of the key individual's appointment.
(b) Within 90 days of the date on which the notice provided under paragraph (a) was determined to be complete, the commissioner may issue a notice of disapproval of a key individual if the commissioner finds that the competence, business experience, character, or integrity of the individual is not in the best interests of the public or the customers of the licensee.
(c) A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval pursuant to chapter 14 within 30 days of the date the notice of disapproval is received.
(d) If the notice provided under paragraph (a) is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual is deemed approved.
(e) If a multistate licensing process includes a key individual notice review and disapproval process under this section and the licensee avails itself of or is otherwise subject to the multistate licensing process:
(1) the commissioner is authorized to accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purposes of this section; or
(2) if Minnesota is a lead investigative state, the commissioner is authorized to investigate the applicant under paragraph (b) and the time frames established by agreement through the multistate licensing process.
History:
2023 c 57 art 3 s 31
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.45 — Report Of Condition.

53B.45 REPORT OF CONDITION.
(a) Each licensee must submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time the commissioner prescribes.
(b) The report of condition must include:
(1) financial information at the licensee level;
(2) nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission;
(3) a permissible investments report;
(4) transaction destination country reporting for money received for transmission, if applicable; and
(5) any other information the commissioner reasonably requires with respect to the licensee.
(c) The commissioner is authorized to use NMLS to submit the report required under paragraph (a).
(d) The information required by paragraph (b), clause (4), must only be included in a report of condition submitted within 45 days of the end of the fourth calendar quarter.
History:
2023 c 57 art 3 s 32
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.46 — Audited Financial Statements.

53B.46 AUDITED FINANCIAL STATEMENTS.
(a) Each licensee must, within 90 days after the end of each fiscal year, or within any extended time the commissioner prescribes, file with the commissioner:
(1) an audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and
(2) any other information the commissioner may reasonably require.
(b) The audited financial statements must be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the commissioner.
(c) The audited financial statements must include or be accompanied by a certificate of opinion prepared by the independent certified public accountant or independent public accountant that is satisfactory in form and content to the commissioner. If the certificate of opinion is qualified, the commissioner may order the licensee to take any action the commissioner finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.
History:
2023 c 57 art 3 s 33
2023 Minnesota Statutes › Chapters 46 - 59 — Banking › Chapter 53B — Money Transmitters › Section 53B.47 — Authorized Delegate Reporting.

53B.47 AUTHORIZED DELEGATE REPORTING.
(a) Each licensee must submit a report of authorized delegates within 45 days of the end of the calendar quarter. The commissioner is authorized to use NMLS to submit the report required by this paragraph, provided that the functionality is consistent with the requirements of this section.
(b) The authorized delegate report must include, at a minimum, each authorized delegate's:
(1) company legal name;
(2) taxpayer employer identification number;
(3) principal provider identifier;
(4) physical address;
(5) mailing address;
(6) any business conducted in other states;
(7) any fictitious or trade name;
(8) contact person name, telephone number, and email;
(9) start date as the licensee's authorized delegate;
(10) end date acting as the licensee's authorized delegate, if applicable;
(11) court orders under section 53B.53; and
(12) any other information the commissioner reasonably requires with respect to the authorized delegate.
History:
2023 c 57 art 3 s 34