Title: Currency Exchange License (Check Cashers)
Alternate Title:
Description: 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. Minnesota Department of Commerce
Subject: Currency Exchange
Creation Date: 9/11/2008 2:12:09 PM
Modification Date: 6/10/2010 9:46:16 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
Division Name:
Division URL:
Division Description:
Division Phone: Division Fax: Division URL:
Audience: Hold
Application URL:
Renewal URL:
Versa URL:
Requirements:
Complete the Currency Exchange License Application on NMLS
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.
Renewal
Licenses issued under Minn. Stat. Chapter 53A expire annually on December 31.
Rules: 2872.0100
Statutes: 53A
Forms:
• Transition To NMLS
• New Application
• Amendment
• Surrender
Fees:
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: 30 days.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Money Transmission
Financial Institutions
