The Minnesota Department of Commerce licenses and regulates individuals and businesses that cash checks, transmit money, own and operate ATMs, and provide electronic funds transfers.
Beginning September 1, 2016, individuals and business who currently have a currency exchange license will need to register with NMLS.
Currency Exchange Licenses (.pdf)
Beginning July 1, 2016, individuals and business who own or maintain an ATM will need to register with NMLS.
Electronic Financial Terminals Letter (.pdf)
Minnesota Money Transmission Modernization Act
On May 24, 2023, Governor Tim Walz signed Minnesota Session Law 2023, Chapter 57, Senate File 2744 into law, which included the Minnesota Money Transmission Modernization Act (MTMA). The Minnesota MTMA has new coding in Minnesota Statutes Chapter 53B. Please click on the following link to review Chapter 53B.
Virtual Currency Kiosk Requirements
On May 21, 2024, Governor Tim Walz signed Minnesota Session Law 2024, Chapter 114, Senate File 4097 into law, which included adoption of new requirements related to the operation of virtual currency kiosks. You can access a copy of the law, which in Article 3, Sections 2 through 10, provides updates to Minnesota Statutes Chapter 53B, and is effective August 1, 2024.