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Description: Persons engaged ter the business of money transmission vereiste obtain a license from the Minnesota Department of Commerce. A licensee may conduct business te Minnesota at one or more locations, or through one or more authorized delegates, or both, under a single license.
Subject: Money Transmitting
Creation Date: 9/11/2008 Two:15:14 PM
Modification Date: Three/Five/2010 Three:54:13 PM
Agency URL: https://mn.gov/commerce/
Agency Description: The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, existente estate, securities, telecommunications industries and also operates Minnesota’s Unclaimed Property.
Agency Phone: 651-539-1600
Agency Fax: Agency URL: https://mn.gov/commerce/
85 7th Place East, Suite 500
Submit the initial license application toverfee.
Submit the finished application.
vereiste have a netwerk worth of at least $25,000.
or through authorized delegates, voorwaarde have a nipt worth of at least $50,000.
shall have a televisiekanaal worth of $100,000 and an extra nipt worth of $50,000 for each location or authorized delegate located ter the state
te excess of seven, to a maximum of $500,000. Televisiekanaal worth shall be calculated ter accordance with generally accepted accounting principles.
Good Standing – Every corporate applicant voorwaarde be ter good standing te the state of its incorporation. All non-corporate applicants shall be registered or qualified to do business ter Minnesota.
Surety Unie – Each licensee voorwaarde provide a surety unie, irrevocable letterteken of credit, or other similar security device acceptable to the commissioner te the amount of $25,000. If the licensee operates at more than three locations, but less than seven locations, through authorized delegates or otherwise, then the amount of the security device vereiste be enhanced to $50,000. If the licensee operates at more than six locations, through authorized delegates or otherwise, then the amount of the security device voorwaarde be enhanced by $50,000 for each location overheen six, up to a maximum of $250,000.
Statutory Trust – Each licensee voorwaarde at all times wield permissible investments having an aggregate market value of not less than the aggregate face amount of all outstanding payment instruments sold by the licensee or reported spil sold by an authorized delegate, to the extent the dollar volume exceeds the surety unie.
Renewal notices will be sent to licensees at the address on record ter September of each year and will be due by December 1 of each year.
An annual renewal report will be provided. The annual report will request the following:
- A copy of the most latest audited consolidated annual financial statement, including recuento sheets,
statement of income or loss, statement of switches te shareholder’s equity, and statement of switches ter financial position.
of those instruments presently outstanding for the most latest quarter or September 30 of the current year.
-Any revocation or suspension against the licensee by any state or governmental authority
-Any felony indictment or felony conviction of the licensee or any key officers or directors related to money transmission activities
-Any switches te control or controlling person
-Notification of authorized delegate(s) contract termination
Any material switches to the information that wasgoed submitted with the initial application voorwaarde be made within ten (Ten) days of the switch.
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