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Minnesota Money Transmitter License

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 by the Minnesota Money Transmitter License

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 Money Transmitter License Net Worth and Surety Bond

To acquire a Money Transmitter License in Minnesota, you need a minimum tangible net worth of $25,000  – $50 0,000. 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 a Money Transmitter License in the state of Minnesota. The process will take approximately three months.

Steps to Apply for a Money Transmitter License in Minnesota

  1. All MSBs are required to register with FinCEN before applying for a money transmitter license in Minnesota
  2. Learn more about Minnesota’s requirements by visiting the website of the Minnesota Department of Commerce as well as the Nationwide Multistate Licensing System.
  3. Prepare all the documents required for the application. You will have learned about these in the step above. Fill in your application and attach the documents.
  4. Pay the all the fees associated with the application.
  5. Patiently wait for license approval which will take about 3 months.

This page was last updated on September 23, 2022.