Currency Exchange

A Currency Exchange license is required of any person or company - except a bank, trust company, savings bank, savings and loan association, credit union, or industrial loan or thrift company - that engages in the business of cashing checks, drafts, money orders or travelers' checks for a fee. 

Exempt from this requirement is any person or company that provides these services incidental to the primary business, if the charge for cashing a check or draft does not exceed $1.00 or one percent of the value of the check or draft, whichever is greater.

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No person may operate a currency exchange company -- except a bank, trust company, savings bank, savings and loan association, credit union, or industrial loan or thrift company -- that engages in the business of cashing checks, drafts, money orders or travelers' checks for a fee in the city without first obtaining a license from the Commissioner as provided by Minnesota Statutes Chapter 53A, and without first obtaining a conditional use permit for the permitted zoning district in accordance with Sections 44-512(14) and 44-637(1) of this Code.

Code Requirements


Guidance relating to Currency Exchange is contained in the Maplewood City Code, Chapter 14, Article XII, Division 4. All license holders are required to be familiar with the provisions of this chapter and with applicable Minnesota Statutes and federal regulations. The City Council approved amendments to this ordinance on June 13, 2016.


 


Application Review 


The City of Maplewood must hold a public hearing for the issuance of a new or renewing Currency Exchange license applied for with the MN Department of Commerce. Upon notification from the MN Department of Commerce that an application  has been filed, applicants must complete an application for review and fee before such hearing will be conducted.

Limitation on Number


The City of Maplewood allows no more than one currency exchange license to be issued at any time. Priority is given to qualified applicants that are renewing an existing license.