Safe Deposit Company License
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 296-4026
(651) 297-1959(fax)
Division of Financial Institutions
(651) 296-2297
(651) 296-8591 (fax)
Contact Info:
Darrell May
Website:
Banking & Financing
License Lookup Directory
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.
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 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 MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing 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.