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 Statutes, Chapter 53A.
Licensing is required in Minnesota.
$1,650 initial application fee. Download currency exchange application here.
Provide a current fee schedule
Provide a complete list of owners, partners, officers, directors, stockholders (owning 10 percent or more of corporate stock), or any employee with authority to exercise management or policy control over the company. In addition, provide a 10-year work history and BCA background checks for each person listed.
Provide a $10,000 surety bond
Articles of incorporation, partnership agreement, and/or certificate of assumed name (if applicable) must be provided
Provide evidence of current workers' compensation insurance.
Applications filed with this department will be sent for approval to the local governing body where the company is to be located.
Licenses issued under Minnesota Statutes, Chapter 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.
$500 renewal fee
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 chapter 53A.