Title: Safe Deposit Company License
Alternate Title: Safe Deposit Company License
Description: Any firm that is not affiliated with a financial institution wanting to function as a safe deposit box company requires licensing. Minnesota Department of Commerce
Subject: Banking
Financial Institutions
Safe Deposit Companies
Creation Date: 9/15/2008 12:45:13 PM
Modification Date: 8/15/2024 6:17:37 PM
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 Division
Division URL:
Division Description:
Division Phone: 651-539-1714
Division Fax: Division URL:
Audience:
Application URL:
Renewal URL:
Versa URL:
Requirements:
-Specific Minnesota business location.
-Corporate surety bond $5,000-$1,000,000.
-Publication of license.
-Quality and specification of vault, etc.
-An investigation of principal's background and experience may also be required in Minn. Stat. § 55.04.
Rules:
Statutes: 55
Forms:
For applications, call 651-539-1714.
Fees:
License fee - $150
Renewal fee - $150
Investigation fee - $250
Period of Issuance:
One year. Renewal due by December 20.
Length of Determination: 30-60 days.
Other Info:
Activity: License Detail URL:
Safe Deposit
Financial Institutions

