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Current as of January 01, 2023 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 53B.05. License qualifications - last updated January 01, 2023 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-53b-05/
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