Minnesota Money Transmitter License
Who Regulates the Minnesota Money Transmitter License?
The Minnesota Department of Commerce issues a Money Transmitter License to all entities providing money transmission services. “Money transmission services” is defined as the selling or issuing of payment instruments or stored value devices or the receiving of money or monetary value for transmission.
Activities Authorized under the Minnesota MTL
The Minnesota license authorizes the following activities:
- Electronic Money Transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
Minnesota MTL Net Worth and Surety Bond
To acquire a license in Minnesota, you need a minimum tangible net worth of $25,000 – $500,000. You shall also be required to submit a surety bond of $25,000 or a premium in the amount of $625.
Minnesota Money Transmitter License Cost
The table below summarizes the costs associated with acquiring an MTL in the state of Minnesota. The process will take approximately three months.
Steps to Apply for an MTL in Minnesota
- All MSBs are required to register with FinCEN before applying for a license in Minnesota
- Learn more about Minnesota’s requirements by visiting the website of the Minnesota Department of Commerce as well as the Nationwide Multistate Licensing System.
- Prepare all the documents required for the application. Fill in your application and attach the documents.
- Pay all the fees associated with the application.
- Patiently wait for license approval which will take about 3 months.
You can either apply for an MTL yourself or engage our services. If you prefer a do-it-yourself approach, we provide resources on how to apply for an MTL yourself. However, if you want to ensure that you fulfill all the requirements outlined by the financial regulator with expert assistance, we are here to help. With our support, you can have peace of mind knowing that our experienced team will guide you throughout the entire process, from document preparation to application submission.
This page was last updated on May 31, 2023.