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Title: Money Transmitter License
Alternate Title:
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
800-857-3602
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Audience: Hold Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:


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.

Checklist

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
  • banks
  • credit unions
  • savings associations
  • bank holding companies


Requirements

View the Minnesota Money Transmitter License Description to see the prerequisites at a glance and application requirements.   

  • $4,000 initial license application fee. The fee is nonrefundable.

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)

Renewal

Currency Exchange BCA form needs to be completed for Currency Exchange License renewals.


Requirements Checklist


Rules:
Statutes: 53B

Forms:

Go to NMLS


Fees:

Application fee - $4,000 nonrefundable 

Renewal fee - $2,500 nonrefundable



Period of Issuance:

Expires December 31 annually.


Length of Determination: 30-120 days.
Other Info:
Activity: Money Transmitting
License Detail URL:

Money Transmitters

Money Transmission

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce


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