Subdivision 1. Fee. The annual fee for renewal of a license under this chapter is $2,500.
Subd. 2. Report. The renewal fee must be accompanied by a report, in a form prescribed by the commissioner. The form must be sent by the commissioner to each licensee no later than three months immediately preceding the date established by the commissioner for license renewal. The licensee must include in this annual renewal report:
(1) a copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position, or, in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee's audited annual financial statement;
(2) for the most recent quarter for which data are available prior to the date of the filing of the renewal application, but in no event more than 120 days prior to the renewal date, the licensee must provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding;
(3) any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;
(4) a list of the licensee's permissible investments; and
(5) a list of the locations within this state at which business regulated by this chapter is being conducted by either the licensee or its authorized delegate.
Subd. 3. License display. A copy of the license issued by the commissioner to the licensee shall be prominently displayed in each location where money transmission services are offered.
2001 c 148 s 12
Structure Minnesota Statutes
Chapter 53B — Money Transmitters
Section 53B.02 — License Required.
Section 53B.05 — License Qualifications.
Section 53B.06 — Permissible Investments And Statutory Trust.
Section 53B.07 — License Application.
Section 53B.08 — Bond Or Other Security Device.
Section 53B.09 — Application Fee.
Section 53B.10 — Issuance Of License.
Section 53B.11 — Renewal Of License And Annual Report.
Section 53B.12 — Extraordinary Reporting Requirements.
Section 53B.13 — Changes In Control Of A Licensee.
Section 53B.14 — Examinations.
Section 53B.15 — Maintenance Of Records.
Section 53B.16 — Confidentiality Of Data Submitted To The Commissioner.
Section 53B.17 — Solvency Required.
Section 53B.18 — Prohibited Practices.
Section 53B.19 — Suspension Or Revocation Of Licenses.
Section 53B.20 — Authorized Delegate Contracts.
Section 53B.21 — Authorized Delegate Conduct.
Section 53B.22 — Licensee Liability.
Section 53B.23 — Hearings; Procedures.
Section 53B.25 — Rule Notices.
Section 53B.26 — Appointment Of Commissioner As Agent For Service Of Process.
Section 53B.27 — Money Transmitters; Cooperation Required In Combatting Fraud.