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.
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.
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.