Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 539-1548 (fax)
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Minn. Stats. 53B
Money Transmitter Application
Contact the Department or obtain the application forms from the MN Dept. of Commerce website, Money Transmitters
the NMLS (Nationwide Mortgage Licensing System & Registry) website, State Licensing Requirements description.
Submit the initial license application fee.
Submit the completed application.
See the New Application Checklist
Net Worth Qualifications
-Each licensee engaging in money transmission in three or fewer locations in the state, either directly or through authorized delegates, must have a net worth of at least $25,000.
-Each licensee engaging in money transmission at more than three locations in the state, but fewer than seven locations, either directly or through authorized delegates, must have a net worth of at least $50,000.
-Each licensee engaging in money transmission at more than six locations in the state, either directly or through authorized delegates, shall have a net worth of $100,000 and an additional net worth of $50,000 for each location or authorized delegate located in the state in excess of seven, to a maximum of $500,000.
Net worth shall be calculated in accordance with generally accepted accounting principles.
Good Standing - Every corporate applicant must be in good standing in the state of its incorporation. All non-corporate applicants shall be registered or qualified to do business in Minnesota.
Surety Bond - Each licensee must provide a surety bond, irrevocable letter of credit, or other similar security device acceptable to the commissioner in 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 must be increased to $50,000. If the licensee operates at more than six locations, through authorized delegates or otherwise, then the amount of the security device must be increased by $50,000 for each location over six, up to a maximum of $250,000.
Statutory Trust - Each licensee must at all times possess 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 as sold by an authorized delegate, to the extent the dollar volume exceeds the surety bond.
Renewal notices will be sent to licensees at the address on record in 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:
1. A copy of the most recent audited consolidated annual financial statement, including balance sheets, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position.
2. The number of payment instruments sold in Minnesota, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding for the most recent quarter or September 30 of the current year.
3. A list of permissible investments.
4. A list of all locations in Minnesota at which licensed business is being conducted by either the licensee or its authorized delegate.
5. Any material changes to the original application that have not been reported. Items to be reported include:
-Filing bankruptcy or reorganization
-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 changes in control or controlling person
-Notification of authorized delegate(s) contract termination
Application fee - $4,000 nonrefundable
Renewal fee - $2,500 nonrefundable
Period of Issuance:
Expires December 31 annually.
Length of Determination Process:
Other Pertinent Information:
Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.