2001 Minnesota Statutes

     53B.05 License qualifications. 

    Subdivision 1.    Net worth.  Each licensee under this 
 chapter shall at all times have a net worth of not less than 
 $100,000, calculated in accordance with generally accepted 
 accounting principles.  Licensees engaging in money transmission 
 at more than one location or through authorized delegates shall 
 have an additional net worth of $50,000 per location or 
 authorized delegate located in the state, as applicable, to a 
 maximum of $500,000. 

    Subd. 2.    Corporate applicant; good standing.  Every 
 corporate applicant, at the time of the filing of an application 
 for a license under this chapter and at all times after a 
 license is issued, must be in good standing in the state of its 
 incorporation.  All noncorporate applicants shall, at the time 
 of the filing of an application for a license under this chapter 
 and at all times after a license is issued, be registered or 
 qualified to do business in the state. 

    HIST: 2001 c 148 s 6