skip to content
photo of card catalog - no text

Find a license in the A-Z Index

1. Refine the topic list by letter

 

2. Select a topic to view their list of licenses

Title: Currency Exchange Registration
Alternate Title:
Description: Any person engaged in the business of cashing checks, drafts, money orders or travelers’ checks for a fee, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company. “Currency exchange” does not include a person who provides check cashing services incidental the person’s primary business if the charge for cashing a check or draft does not exceed $1 or one percent of the value of the check or draft, whichever is greater. See Minn. Stat. Chapter 53A and Minn. Rule 2872.0100 Companies whose main office location will NOT be engaging in Minnesota currency exchange activity should submit a MN Currency Exchange Registration New Application. Minnesota Department of Commerce
Subject: Currency Exchange
Creation Date: 9/11/2008 2:12:09 PM
Modification Date: 6/10/2010 9:46:16 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: 651-539-1600
800-857-3602
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:
Audience: Hold Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:
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.
 
Individuals and business who currently have a currency exchange license will need to register with NMLS
 
 
Individuals and business who own or maintain an ATM will need to register with NMLS
 
 
Review:

 

Requirements Checklist 
 

Rules: 2872.0100

Statutes: 53A

Forms: Go to NMLS
Fees:

Currency Exchange & Check Cashers initial application fee - $1,500

Amendment ot license - $100


Period of Issuance:

Expires December 31 annually. See the renewal information in the requirements section above.


Length of Determination: 30 days.
Other Info:


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

Money Transmission

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce


back to top