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Safe Deposit Licensing


Any firm that is not affiliated with a financial institution wanting to function as a safe deposit box company requires licensing. These companies frequently offer access at times that traditional financial institutions can not or do not. See MS 55. Licensing is required in Minnesota.

For more information call 651-539-1700.


Requirements

  • Specific Minnesota business location.

  • Corporate surety bond $5,000-$1,000,000.

  • Publication of license

  • Quality and specification of vault, etc.

  • An investigation of principal's background and experience may also be required in Minn. Stat. 55.04.

Fee

License fee - $150
Renewal fee - $150
Investigation fee - $250

Licensing surcharge to be assessed

The Minnesota Office of Enterprise Technology (OET) recently sponsored and the Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to OET, which will establish an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. 16E.22.

Period of Issuance

May be an individual, partnership or corporation.

Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.

 
Length of Determination Process

30-60 days.

Other Pertinent Information

May be an individual, partnership or corporation.

Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.

For more information, visit the North Star website