MSB License Regulation in Minnesota

Regulator of MSB license in Minnesota

Minnesota Department of Commerce

Documents required for application:

• Completed Minnesota Money Transmitter License Application.
• Identifying information.
• Proof of good standing within the state of incorporation or proof of registration to do business within the state if not incorporated.
• Ten-year history of applicant or controlling persons’ litigation, inquiries, investigations, bankruptcies, criminal offenses, and tax delinquencies.
• Description of activities conducted by the applicant and history of operations.
• Description of activities sought in the state.
• List and contact information of proposed authorized delegates in Minnesota.
• Sample of authorized delegate contract.
• Sample payment instrument.
• List of Minnesota locations.
• Information about clearing banks or banks where payment instruments will be drawn or payable.
• Location of books and records.
• Certificate of incorporation and date and state of incorporation.
• Corporate structure description and organization chart.
• Documentation of executive officers, officers, or managers in charge of application activities, including employment history and criminal history verification.

Cost Involved

• Application fee: $4,000.
• Surety bond: $25,000 for three or fewer locations, $50,000 for four to six locations, additional $50,000 per location for seven or more locations, not exceeding $250,000.

Process of application

• Register your Money Services Business with FinCEN.
• Review Minnesota’s requirements by visiting the Minnesota Department of Commerce website and the Nationwide Multistate Licensing System.
• Prepare all required documents for the application.
• Fill in the application and attach the necessary documents.
• Pay all associated application fees.
• Wait patiently for license approval, which typically takes about 3 months.