2006 Minnesota Statutes

53B.05 LICENSE QUALIFICATIONS.
    Subdivision 1. Net worth. Each licensee engaging in money transmission in three or fewer
locations in the state, either directly or through authorized delegates, must have a net worth of
at least $25,000. Each licensee engaging in money transmission at more than three locations in
the state, but fewer than seven locations, either directly or through authorized delegates, must
have a net worth of at least $50,000. Each licensee engaging in money transmission at more than
six locations in the state, either directly or through authorized delegates, shall have a net worth
of $100,000 and an additional net worth of $50,000 for each location or authorized delegate
located in the state in excess of seven, to a maximum of $500,000. Net worth shall be calculated
in accordance with generally accepted accounting principles.
    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.
History: 2001 c 148 s 6; 2002 c 326 s 1