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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.

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:

Requirements

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


 
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:
 
Phone: 651-539-1600 

Rules: 2872.0100

Statutes: 53A
53B
53B.27

Forms:
Fees:
Money Transmitters - $4,000 initial license application fee. The fee is nonrefundable.
 
Currency Exchange & Check Cashers
$1,500 initial application fee
 

EFT
$100 one-time fee


Period of Issuance:


Length of Determination:

Other Info:


Activity: Loans (Non-Bank Lenders)
License Detail URL:

Money Transmitters

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce

   


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