License Minnesota

Currency Exchange License (Check Cashers)

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.

Agency contact information:

Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1600 | (800) 857-3602
Division of Financial Institutions
(651) 539-1700
(651) 539-1548 (fax)
Contact Info:


Minnesota Department of Commerce

Money Transmission

Financial Institutions

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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. 53A




Currency Exchange License Application


Complete the Currency Exchange License Application and pay the application fee.

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 al $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 Minn. Stat. § 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.

Changes to the License

Minn. Stat. § 53A.05 Change of name, ownership, or location.
Subd. 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 Minn. Stats. §§ 53A.02, subd. 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 Minn. Stat. § 53A.


New Applicants - $1,500 ($1,000 non-refundable application fee and $500 licensing fee)

Amendment Fee - $100

License Renewal Fee - $500 

Period of Issuance:

Expires December 31 annually. See the renewal information in the requirements section above.

Length of Determination Process:

30 days.

Other Pertinent Information:

Application approval required by governing body of the local unit of government in which the applicant is located. Concurrence of the governing body is required to approve any application.

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