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Can I obtain a money transmitter license in Minnesota? What are the requirements?

To obtain a money transmitter license in Minnesota, you must meet the following requirements:

Requirements for Money Transmitter License in Minnesota

  1. License Required: On or after January 1, 2002, no person except those exempt pursuant to section 53B.04 shall engage in the business of money transmission without a license as provided in this chapter [1.1].
  2. License Application: An application for a license under this chapter must be made in writing, under oath, and in a form prescribed by the commissioner. The application must contain the following information:
  1. Additional Information from Corporations: If the applicant is a corporation, the applicant must also provide the following information:
  1. Additional Information from Noncorporate Applicants: If the applicant is not a corporation, the applicant must also provide the following information:
  1. Net Worth Requirements: Each licensee engaging in money transmission in three or fewer locations in the state, either directly or through authorized delegates, must have a net worth of at least $25,000. Each licensee engaging in money transmission at more than three locations in the state, but fewer than seven locations, either directly or through authorized delegates, must have a net worth of at least $50,000. Each licensee engaging in money transmission at more than six locations in the state, either directly or through authorized delegates, shall have a net worth of $100,000 and an additional net worth of $50,000 for each location or authorized delegate located in the state in excess of seven, to a maximum of $500,000. Net worth shall be calculated in accordance with generally accepted accounting principles [1.3].

If you meet the above requirements, you can obtain a money transmitter license in Minnesota.

Please note that there may be additional requirements for the sale of electronic licenses [4.1] and for license renewal and annual reporting [1.6].