Title Minnesota Statutes, Minnesota Statutes

53.09 OVERSIGHT AND ADMINISTRATION. § Subdivision 1.General examinations. The commissioner shall make examinations for the purposes set forth in section 46.04, subdivision 1, at least once every 18 calendar months, of each authorized place of business of every industrial loan and…

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 a…

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 t…

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 tha…

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 appli…

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 proposi…

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 commissione…

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 c…

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 …

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 ru…

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…

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

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…

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

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 th…

53B.28 DEFINITIONS. § Subdivision 1.Terms. For the purposes of this chapter, the terms defined in this section have the meanings given them. § Subd. 2.Acting in concert. "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of…

53B.29 EXEMPTIONS. This chapter does not apply to: (1) an operator of a payment system, to the extent the operator of a payment system provides processing, clearing, or settlement services between or among persons exempted by this section or licensees in connection with wire tran…

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 exempti…

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 r…

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 comm…

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 appropria…

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 Confere…

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 ex…

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:…

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 substantia…

53B.38 APPLICATION FOR LICENSE. (a) An applicant for a license must apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable: (1) the legal name and residential and business addresses of the applicant and any fictitio…

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 th…

53B.40 LICENSE ISSUANCE. (a) When an application for an original license under this chapter includes all of the items and addresses all of the matters that are required, the application is complete and the commissioner must promptly notify the applicant in a record of the date on…

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 te…

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 procedur…

53B.43 ACQUISITION OF CONTROL. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee must obtain the commissioner's written approval before acquiring control. An individual is not deemed to acquire control of a licensee and is not subject…

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…

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; (…

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 a…

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 c…

53B.48 REPORTS OF CERTAIN EVENTS. (a) A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred: (1) a petition by or against the licensee under the United States Bankruptcy Code, Un…

53B.49 BANK SECRECY ACT REPORTS. A licensee and an authorized delegate must file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to …

53B.50 RECORDS. (a) A licensee must maintain the following records, for purposes of determining the licensee's compliance with this chapter, for at least three years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly…

53B.51 RELATIONSHIP BETWEEN LICENSEE AND AUTHORIZED DELEGATE. (a) For purposes of this section, "remit" means to make direct payments of money to (1) a licensee, or (2) a licensee's representative authorized to receive money or to deposit money in a bank in an account specified b…

53B.52 UNAUTHORIZED ACTIVITIES. A person is prohibited from engaging in the business of money transmission on behalf of a person not licensed under this chapter or not exempt under sections 53B.29 and 53B.30. A person that engages in the business of money transmission on behalf o…

53B.53 PROHIBITED AUTHORIZED DELEGATES. (a) The district court in an action brought by a licensee has jurisdiction to grant appropriate equitable or legal relief, including without limitation prohibiting the authorized delegate from directly or indirectly acting as an authorized …

53B.54 TIMELY TRANSMISSION. (a) Every licensee must forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender, unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a…

53B.55 REFUNDS. (a) This section does not apply to: (1) money received for transmission that is subject to the federal remittance rule under Code of Federal Regulations, title 12, part 1005, subpart B, as amended or recodified from time to time; or (2) money received for transmis…

53B.56 RECEIPTS. § Subdivision 1.Definition. For purposes of this section, "receipt" means a paper receipt, electronic record, or other written confirmation. § Subd. 2.Exemption. This section does not apply to: (1) money received for transmission that is subject to the federal re…

53B.57 NOTICE. Every licensee or authorized delegate must include on a receipt or disclose on the licensee's website or mobile application the name and telephone number of the department and a statement that the licensee's customers can contact the department with questions or co…

53B.59 NET WORTH. (a) A licensee under this chapter must maintain at all times a tangible net worth that is the greater of: (1) $100,000; or (2) three percent of total assets for the first $100,000,000; two percent of additional assets between $100,000,000 to $1,000,000,000; and …