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