Title: Money Transmitter License
Description: 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.
Subject: Money Transmitting
Creation Date: 9/11/2008 2:15:14 PM
Modification Date: 7/15/2019 9:34:44 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: 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.
Agency Phone: 651-539-1600
Agency Fax: Agency URL: https://mn.gov/commerce/
85 7th Place East, Suite 500
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Review Money Transmitters
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.
Persons engaged in the business of money transmission must obtain a license from the Department of Commerce. A licensee may conduct business in Minnesota at one or more locations, or through one or more authorized delegates, or both, under a single license.
Minn. Stat. Chapter 53B exempts certain entities from the licensing requirements including, but not limited to:
- authorized delegates of a licensee who have a contract with a licensee
- the U.S. government
- the U.S. Postal Service
- the state or any political subdivision
- credit unions
- savings associations
- bank holding companies
View the Minnesota Money Transmitter License Description to see the prerequisites at a glance and application requirements.
2017: Enforcement Guidance regarding Minn. Stat .§ 53B.27, subdivision 3 Money Transmitters "No Transmit" List (.pdf)
2016: Enforcement Guidance regarding Minn. Stat. § 53B.27, subdivision 3 Money Transmitters "No Transmit" List (.pdf)
Currency Exchange BCA form needs to be completed for Currency Exchange License renewals.
Go to NMLS
Application fee - $4,000 nonrefundable
Renewal fee - $2,500 nonrefundable
Period of Issuance:
Expires December 31 annually.
Length of Determination: 30-120 days.
Activity: Money Transmitting
License Detail URL:
License Lookup Directory