53B.11 RENEWAL OF LICENSE AND ANNUAL REPORT.
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.
History: 2001 c 148 s 12