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Can you summarize MNST Chapter 53B?
BANKING > MONEY TRANSMITTERS
Short Summary
The provided legal document content consists of various sections of the Minnesota Statutes governing money transmitters. It includes definitions of terms used in this chapter and outlines exemptions to the requirement of obtaining a license. The document also specifies the qualifications for obtaining a license, including net worth requirements based on the number of locations the licensee operates. It further discusses the use of a bond or other security device, application requirements, license issuance, license renewal, reporting requirements, and record-keeping obligations. The document also covers events that require reporting to the commissioner, changes in ownership, financial examinations, prohibited practices, license suspension or revocation, authorized delegate contracts, and limitations of liability for licensees. No specific penalties are mentioned in these documents.
Whom does it apply to?
Persons filing an application for a license, entities designated by the licensee or an exempt entity to sell or issue payment instruments or engage in money transmission, the commissioner of commerce, persons in control of a licensee, executive officers of the licensee, key shareholders of an applicant's stock, and persons licensed under this chapter
What does it govern?
Minnesota Money Transmitters Act
What are exemptions?
Authorized delegates of a licensee or of an exempt entity, acting within the scope of authority conferred by a written contract, are not required to obtain a license. The document specifies several entities that are exempt from this chapter, including the United States and its departments, agencies, or instrumentalities; the United States Postal Service; the state and its political subdivisions; banks, credit unions, savings associations, savings banks, mutual banks, and bank holding companies meeting specific criteria; and contractors providing electronic transfer of government benefits for federal, state, or county governmental agencies.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Minnesota