Minnesota · statute · Minn. Stat. ch. 53B · 47 active provisions
Subdivision 1. Terms. For the purposes of this chapter, the terms defined in this section have the meanings given them. Subd. 2. Acting in concert. "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee, whether or not pursuant to an express agreement.…
This chapter does not apply to: (1) an operator of a payment system, to the extent the operator of a payment system provides processing, clearing, or settlement services between or among persons exempted by this section or licensees in connection with wire transfers, credit card transactions, debit card transactions, s…
The commissioner may require any person that claims to be exempt from licensing under section 53B.29 to provide to the commissioner information and documentation that demonstrates the person qualifies for any claimed exemption.
Subdivision 1. General authority. In order to carry out the purposes of this chapter, the commissioner may, subject to section 53B.32, paragraphs (a) and (b): (1) enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to (i) i…
(a) All information or reports obtained by the commissioner contained in or related to an examination that is prepared by, on behalf of, or for the use of the commissioner are confidential and are not subject to disclosure under section 46.07. (b) The commissioner may disclose information not otherwise subject to discl…
(a) The commissioner may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, rules implementin…
(a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Associ…
(a) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission is governed by the applicable federal law to the extent of the inconsistency. (b) In the event of any inconsistencies between t…
(a) A person is prohibited from engaging in the business of money transmission, or advertising, soliciting, or representing that the person provides money transmission, unless the person is licensed under this chapter. (b) Paragraph (a) does not apply to: (1) a person that is an authorized delegate of a person licensed…
(a) To establish consistent licensing between Minnesota and other states, the commissioner is authorized to: (1) implement all licensing provisions of this chapter in a manner that is consistent with (i) other states that have adopted substantially similar licensing requirements, or (ii) multistate licensing processes;…
(a) An applicant for a license must apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable: (1) the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting business; (2) a lis…
Subdivision 1. Individuals with or seeking control. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual must furnish to the commissioner through NMLS: (1) the individual's fingerprints for submission to the Federal Bureau of Investiga…
(a) When an application for an original license under this chapter includes all of the items and addresses all of the matters that are required, the application is complete and the commissioner must promptly notify the applicant in a record of the date on which the application is determined to be complete. (b) The comm…
(a) A license under this chapter must be renewed annually. An annual renewal fee of $2,500 must be paid no more than 60 days before the license expires. The renewal term is a period of one year and begins on January 1 each year after the initial license term. The renewal term expires on December 31 of the year the rene…
(a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the commissioner may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for licens…
(a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee must obtain the commissioner's written approval before acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individual become…
(a) A licensee that adds or replaces any key individual must: (1) provide notice, in a manner prescribed by the commissioner, within 15 days after the effective date of the key individual's appointment; and (2) provide the information required under section 53B.39 within 45 days of the effective date of the key individ…
(a) Each licensee must submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time the commissioner prescribes. (b) The report of condition must include: (1) financial information at the licensee level; (2) nationwide and state-specific money transmission transaction info…
(a) Each licensee must, within 90 days after the end of each fiscal year, or within any extended time the commissioner prescribes, file with the commissioner: (1) an audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and (2…
(a) Each licensee must submit a report of authorized delegates within 45 days of the end of the calendar quarter. The commissioner is authorized to use NMLS to submit the report required by this paragraph, provided that the functionality is consistent with the requirements of this section. (b) The authorized delegate r…
(a) A licensee must file a report with the commissioner within ten business days after the licensee has reason to know any of the following events has occurred: (1) a petition by or against the licensee under the United States Bankruptcy Code, United States Code, title 11, sections 101 to 110, as amended or recodified…
A licensee and an authorized delegate must file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. A licensee and authorized delegate that timely files wi…
(a) A licensee must maintain the following records, for purposes of determining the licensee's compliance with this chapter, for at least three years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and e…
(a) For purposes of this section, "remit" means to make direct payments of money to (1) a licensee, or (2) a licensee's representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) Before a licensee is authorized to conduct business through an authorized delegate…
A person is prohibited from engaging in the business of money transmission on behalf of a person not licensed under this chapter or not exempt under sections 53B.29 and 53B.30. A person that engages in the business of money transmission on behalf of a person that is not licensed under this chapter or not exempt under s…