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 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. ...