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Safe Deposit

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. (Minnesota Statute §55)

For more information and applications, call 651-539-1714.

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 Minnesota Statute §55.04.

Fee

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

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 days of the change.  

Length of Determination Process

30-60 days. 

Other 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 days of the change.

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