Title: Currency Exchange License (Check Cashers) / Branch License
Alternate Title:
Description: Any person engaged in the business of cashing checks, drafts, money orders or travelers’ checks for a fee, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company is required to have this license. 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: Financial Institutions Divisions
Division URL:
Division Description:
Division Phone: 651-539-1570
Division Fax: Division URL:
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:
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.
Individuals and business who currently have a currency exchange license will need to register with
NMLS
Individuals and business who own or maintain an ATM will need to register with
NMLS
Review:
Requirements Checklist
Currency Exchange Branch License
Requirements Checklist
Rules: 2872.0100
Statutes: 53A
Forms: Go to
NMLS
Fees:
Money Transmitters initial License application fee - $4,000. Fee is nonrefundable.
Currency Exchange & Check Cashers initial application fee - $1,500
Amendment ot license - $100
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
License Lookup Directory
