Title: Money Transmitters / Currency Exchange and Check Cashers / EFT (ATMs)
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: Currency Exchange
Finance
Financial Institutions
Creation Date: 9/11/2008 2:12:09 PM
Modification Date: 2/5/2025 10:16:47 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: 651-539-1500
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:
Unit Name: Electronic Financial Terminal
Unit URL:
Unit Description:
Unit Phone: Unit Fax: Contact person(s): electronicfinancialterminal.commerce@state.mn.us
Unit URL:
Audience: Hold
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:
Review:
Money Transmitters and Currency Exchangers
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:
View the Minnesota Money Transmitter License Description to see the prerequisites at a glance and application requirements.
Renewal
The Currency Exchange BCA form needs to be completed for Currency Exchange License renewals
- $1,500 initial application fee
- 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 a $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.
Automated Teller Machines (electronic financial terminals) that are owned by an individual and are not associated with a state or federally chartered institution must apply for an authorization. See
Minn. Stat. § 47.61 and
Minn. Rules 2675.8100 to 8190. The application includes a $100 one-time fee. Specific information and documentation required by law or rule include:
- Location and description of the machine, its technical operating standards and systems employed to safeguard the customers' account information and prevent unauthorized use.
- Types of transactions to be available which are normally limited by the agreements to cash withdrawal and balance inquiry.
- Who has control over the equipment, including servicing agreements.
- Evidence of financial soundness and responsibility of the person controlling the machine. This can take the form of:
-A Bond for Ownership of Electronic Financial Terminal in the amount of $5,000 per ATM; or
-A certificate of deposit in the amount of $5,000 per ATM which may be pledged or assigned to the Commissioner of Commerce; or
-A current business financial statement for the owner of the ATM.
Registration Requirements
The steps to apply for electronic financial terminals (aka ATMs) are outlined on the
NMLS website.
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QUESTIONS?
Questions about the application process or license requirements:
Rules: 2872.0100
Statutes: 53A
53B
53B.27
Forms:
Fees:
Money Transmitters - $4,000 initial license application fee. The fee is nonrefundable.
Period of Issuance:
Length of Determination:
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Money Transmitters
Financial Institutions
License Lookup Directory

