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Minnesota Statutes Banking (Ch. 46-59) § 53B.36. License required

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A person is prohibited from engaging in the business of money transmission, or advertising, soliciting, or representing that the person provides money transmission, unless the person is licensed under this chapter.

(b) Paragraph (a) does not apply to:

(1) a person that is an authorized delegate of a person licensed under this chapter acting within the scope of authority conferred by a written contract with the licensee; or

(2) a person that is exempt undersection 53B.29and does not engage in money transmission outside the scope of the exemption.

(c) A license issued undersection 53B.40is not transferable or assignable.

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Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 53B.36. License required - last updated January 01, 2025 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-53b-36/

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