The Minnesota Currency Exchange Bond is required by the Department of Commerce, State of Minnesota, in the amount of $10,000 for all who wish to have a Currency Exchange (Check Cashers) License in Minnesota. Currency exchange, as defined in the 2018 Minnesota Statutes means any person, except a bank, trust company, savings bank, savings association, credit union, or industrial loan and thrift company, engaged in the business of cashing checks, drafts, money orders, or traveler’s check for a fee. The bond is required to secure the compliance of the bondholder with the terms of Minnesota Statutes, Sections 53A.02 to 53A.13, and any other legal obligations arising out of the bond holder’s conduct as a currency exchange.
Other Minnesota Currency Exchange Licensing Requirements:
The application can be done through the NMLS website, applicants must answer the application form, plus the following:
- Provide a complete list of owners, partners, officers, directors, stockholders, or any employee with authority to exercise management or policy control over the company. There must also be a 10-year work history and BCA background checks for every person’s name listed.
- Provide articles of incorporation, partnership agreement, and or certificate of assumed name.
- Provide evidence of current worker’s compensation insurance.
Where can I get a Minnesota Currency Exchange Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.