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: 6/18/2025 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 Services Businesses
Money Transmitters and Currency Exchangers
Minnesota Money Transmission Modernization Act
On May 24, 2023, Governor Tim Walz signed Minnesota Session Law 2023, Chapter 57, Senate File 2744 into law, which included the Minnesota Money Transmission Modernization Act (MTMA). The Minnesota MTMA has new coding in Minn. Stat. Chapter 53B
Virtual Currency Kiosk Requirements
On May 21, 2024, Governor Tim Walz signed Minnesota Session Law 2024, Chapter 114, Senate File 4097 into law, which included adoption of new requirements related to the operation of virtual currency kiosks. You can access a copy of the law, which in Article 3, Sections 2 through 10, provides updates to Minn. Stat. Chapter 53B, and is effective August 1, 2024.
Summary: New Virtual Currency Kiosk Requirements
Money Transmitters
Currency Exchange & Check Cashers
EFT
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 Services Businesses
Financial Institutions
License Lookup Directory
