Currency exchange is defined in Minn. Stats. § 53A.01, subd. 1. The term "currency exchange" means any person, except a bank, trust company, savings bank, savings and loan association, credit union, or industrial loan or thrift company, engaged in the business of cashing checks, drafts, money orders or travelers' checks for a fee. The term "currency exchange" does not include a person who provides these services incidental to the person's 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.
See Chapter 14-801 – Chapter 14-832 of the City of Maplewood code
for information on currency exchange.
Limitation on Number
No more than one currency exchange license shall be issued by the City at any time.
The City shall give priority to qualified applicants for renewal of an existing license.
You must submit the following:
- Currency Exchange license application
- Required license fee.
The chief of police shall investigate the applicant and report the results of such investigation to the City Council.
The annual Currency Exchange License expires December 31st of each year and may be renewed at that time.