53A.01 DEFINITIONS. Subdivision 1. Currency exchange. “Currency exchange” means any person, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company, engaged in the business of cashing checks, drafts, money orders, or travelers’ checks for a fee. “Currency exchange” does not include a person who provides these services […]
53A.02 LICENSE. Subdivision 1. Requirement. A person may not engage in the business of a currency exchange without first obtaining a license from the commissioner. Not more than one place of business may be operated under the same license, but the commissioner may issue more than one license to the same licensee upon compliance by […]
53A.03 APPLICATION FOR LICENSE; FEES. (a) An application for a license must be in writing, under oath, and in the form prescribed and furnished by the commissioner and must contain the following: (1) the full name and address (both of residence and place of business) of the applicant, and if the applicant is a partnership […]
53A.04 APPROVAL OR DENIAL OF AN APPLICATION. (a) Within 30 days after the receipt of a complete application, the commissioner shall deny the application or submit the application to the governing body of the local unit of government in which the applicant is located or is proposing to be located. The commissioner may not approve […]
53A.05 CHANGE OF NAME, OWNERSHIP, OR LOCATION. Subdivision 1. Name or location. If a licensee proposes to change the name or location of any or all of its currency exchanges, the licensee shall file an application for approval of the change with the commissioner. The commissioner shall not approve a change of location if the […]
53A.06 FINE, SUSPENSION, OR REVOCATION OF LICENSE. (a) The commissioner may suspend or revoke any license under section 45.027, including when the commissioner finds that: (1) the licensee has failed to pay the annual license fee or to maintain in effect the required bond or to comply with any order, decision, or finding of the […]
53A.07 FILING OF FEES; UNREASONABLE FEES. Subdivision 1. Approval of fees. Fees charged at each location for check cashing services must be filed with and approved by the commissioner. Subd. 2. Amendment of fees. A licensee may amend its fees at any time by filing the proposed amendments with the commissioner. The application for amendment […]
53A.08 BOND. Before a license may be issued to a currency exchange, the applicant shall file annually with and have approved by the commissioner a surety bond, issued by a bonding company authorized to do business in this state in the principal amount of $10,000. The bond must run to the commissioner and is for […]
53A.09 POWERS; LIMITATIONS; PROHIBITIONS. Subdivision 1. Deposits; escrow accounts. A currency exchange may not accept money or currency for deposit, or act as bailee or agent for persons, firms, partnerships, associations, or corporations to hold money or currency in escrow for others for any purpose. However, a currency exchange may act as agent for the […]
53A.10 VIOLATIONS. Any person, firm, association, partnership, or corporation that violates this chapter shall be guilty of a misdemeanor. History: 1989 c 247 s 10
53A.11 BOOKS OF ACCOUNT; ANNUAL REPORT. The licensee shall keep and use in the licensee’s business the books, accounts, and records that will enable the commissioner to determine whether the licensee is complying with this chapter and with the rules adopted by the commissioner. A licensee shall preserve the books, accounts, and records for at […]
53A.12 RULES. The commissioner may adopt rules under chapter 14 as may be necessary to administer and enforce this chapter. History: 1989 c 247 s 12
53A.13 FEE NOTICE; FALSE ADVERTISING; PENALTY. Subdivision 1. Fee notice. The fees charged by currency exchanges for rendering any service authorized by sections 53A.01 to 53A.13 must be prominently displayed on the premises of the currency exchange in the fashion required by the commissioner. Subd. 2. False advertising. A licensee may not advertise, print, display, […]
