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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 

Minnesota Department of Commerce

   


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