Skip to content
Search
Client portal (opens in a new tab)Call 1-800-777-1TSAGet started

Minnesota bonds

Minnesota — Currency Exchange Bond

Minnesota's Chapter 53A currency-exchange license covers check-cashing businesses. Commerce requires licensing through NMLS and at least $10,000 security approved annually. Match the business and covered office before applying; the separate money-transmitter framework is not the same filing.

Purchase Now (opens in a new tab)Call 1-800-777-1TSA

Continue to our secure checkout partner, Propeller (opens in a new tab).

Recorded state
Minnesota
Bond type
Check Cashing / Seller of Checks Bond
Category
Financial services

What this bond does

Provide the Commissioner-approved security required by Minnesota Statutes Section 53A.08 for a currency-exchange license.

Who needs it
The person or business seeking or maintaining the Chapter 53A currency-exchange/check-cashing license. Describe the actual services, legal organization and office covered rather than choosing solely from the words currency exchange.
Who it protects
Section 53A.08 runs security to the Commissioner for creditors' liabilities involving money orders issued or sold, sums due to payees or endorsees of instruments left for collection, and currency-exchange services. The posted model also benefits Minnesota and persons damaged by noncompliance with Chapter 53A or other legal obligations arising from the principal's currency-exchange conduct.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Details for Chapter 53A, NMLS and annual dates

Use Commerce's Currency Exchange & Check Cashers instructions for this Chapter 53A license. The same programme page separately discusses Chapter 53B money transmitters, virtual currency and electronic terminals. Those other services do not acquire authority merely because the business has a currency-exchange license.

The statutory starting sum is $10,000. The Commissioner may require additional security based on outstanding liabilities and may request the preceding twelve months' financial records for money-order sales. Bring any actual higher-amount direction instead of assuming the starting sum answers every application.

Identify the principal's legal organization, licensed name and exact business office on the accepted undertaking. The posted state model asks for the surety, bond number, sum, actual effective date and year entries. It ends at the earlier license expiration or surety cancellation and separately specifies an ending December 31; it is not an open-ended promise of automatic renewal.

The posted model requires the owner/officer and surety attorney-in-fact signatures, acknowledgments for both, and attached Power of Attorney. Its cancellation provision is thirty days after notice is sent by certified mail to the obligee; earlier incurred liability remains. The surety must notify the Commissioner before paying a claim.

Commerce's current programme requires NMLS licensing. Its older posted paper packet supplies the state model and background requirements, but its mailing directions should not replace the current NMLS application checklist. Prepare entity/assumed-name documents, the personnel list, required ten-year histories and BCA background checks, the service schedule and current workers' compensation evidence.

Commerce says licenses expire December 31 and lists renewal as due September 1, with notices sent to the address on file in August. Keep contact information current and follow the actual NMLS renewal notice. Annual security approval and the license renewal remain separate from provider payment; applications also go to the local governing body for approval.

Sources

Have these ready

  1. Confirm the actual Chapter 53A currency-exchange/check-cashing license and NMLS company.
  2. Match the licensed name, organization and covered business office.
  3. Prepare the $10,000 starting security or the Commissioner's actual higher-amount direction.
  4. Arrange the accepted model's dates, both acknowledgments and surety Power of Attorney.
  5. Use the current NMLS checklist and renewal notice, with personnel/entity and local-approval materials.

Questions about this bond

Does currency exchange licensing authorize every money-service activity?

No. Commerce treats Chapter 53A currency exchanges/check cashers separately from Chapter 53B money transmission and electronic-terminal requirements. Describe each proposed service before choosing its licensing documents.

Is $10,000 always the final required sum?

It is the statutory starting amount. The Commissioner may require more based on outstanding liabilities and may request financial records. Match any specific direction to the actual applicant and office.

What follows Purchase Now?

Propeller's Minnesota Currency Exchange application opens in a new tab. Match the Chapter 53A principal, covered office, accepted condition, required sum, dates and execution, then follow Commerce's current NMLS filing instructions. Payment does not complete annual approval or grant a license.

Related bonds

Keep exploring

How can we help you get started?

Choose the quote that fits, and we’ll take it from there.

Business insurance quoteFor owners and their teamsPersonal insurance quoteFor your family and home

Have a question? Contact us