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<br />53A.03. Application for license; fees
<br />
<br />(a) An appUcation for Ii license must be in writing. lindeI' oath, and in the form prescribed
<br />and furnished by the commissioner and must contain the following:
<br />
<br />(1) the full name and address (bot.h of residence and place of business) of the applicant, and
<br />if the applicant is a partnership or association. of every member, and the name and business
<br />address if the applicant is a corpol'<ttion;
<br />
<br />(2) the county and municipality, \lith street and number. if any, of all currency exchange
<br />locations operated by the applicant: and
<br />
<br />(3) the applicant's occupation or profession, for the ten years immediately preceding the
<br />appJication; present or previous connection wjth any'other currency exchange in this or any
<br />other state; whether the applicant has ever been convicted of any crime; and the nature of
<br />the applicant's occupancy of the premises to be licensed; and if the applicant is a partnership
<br />or a corporation, the information specified in this paragraph must be supplied for each
<br />part.ner and each officer and director of the corporation. If the appJicant is a partnership or a
<br />nonpublicly held corporation. the information specified in this paragraph must be required of
<br />each partner and each officer, director. and stockholders o\vning in excess of ten percent of
<br />the corporate stock of the corporation.
<br />
<br />(b) The applicat.ion shan be accompanied by a nonrefundable fee of $250 for the review of
<br />the initial application. Upon approval by the commissioner, an additional license fee of $50
<br />must be paid by the applicant as an annual license fee for the remainder of the calendar year.
<br />An annual license fee of $50 is due for each subsequent calendar year of operation upon
<br />submission of a license renewal application on or before September L Fees must be
<br />deposited in the state treasury and credited t{) the general fund. Upon payment of the
<br />required annual license fee, the ccrnmissionel' shall issue a license for the year beginning
<br />January 1,
<br />
<br />(c) The commissioner shall require the applicant to submit to a background investigation
<br />conducted by the bureau of criminal apprehension as a condition of licensure. AiJ part of the
<br />background investigation, the bureau of crimina] apprehensiori shall conduct crimina] history
<br />checks of Minnesota records and is authorized to exchange fingerprin~ with the, Federal
<br />Bureau of Investigation for the purpose of a crimina] background check of the national files.
<br />The cost of the investigation must be paid by the applicant.
<br />
<br />(d) For purposes of this section. "applicant" includes an employee who exercises manage-'
<br />ment or policy control over the company. a director, an officer, a limited or general pai'tncr, a
<br />manager, or a shareholder holding more than ten percent of the outstanding stock of t,he
<br />corporation.
<br />
<br />Laws 1989, c, 247, ~ (I, Amended by Laws 1[192. c, 504, * 3; Laws 1993, c. 3.'>4, g , 1.
<br />
<br />~ 53A.02
<br />
<br />Laws 1992, c, 504, g 9, provides in p.ut that g 2
<br />is effective April 24. 19fJ2. that ~ 2, subili. 2 and 3.
<br />appl.)' to licenses issued for new p]ace~ of business
<br />
<br />CURRENCY EXCHANGES
<br />
<br />that begin operating on or after the effective date.
<br />and that 9 2, subd, 1, applies to licenses issued or
<br />renewed on or after that date,
<br />
<br />Hjstorical and Statutory Notes
<br />
<br />Laws 1902, c. 504~ g 9, provides in part that g :l
<br />is effective April 24. 1992. and applies to licenses
<br />issued or renewed on or after that date,
<br />
<br />19811 Legislation
<br />
<br />Laws 1989, c. 247. 9 16, provides that this sec-
<br />tion is effective August ,1, 1989. Existing currency
<br />exchanges must submit applications in ccmpliance
<br />with this chapter by October I, 1989, No CUlTenC.l'
<br />exchange shall operate without a license after De-
<br />cember 31. 1989.
<br />
<br />1992 Legislation
<br />
<br />The 1992 amendment added pars. (c) and (d),
<br />requiring a background investigation of applicants
<br />and defining "applicant", respectively.
<br />
<br />1993 Legislation
<br />
<br />The 1993 amendment changed the date from
<br />Dee, 1 to Sept. 1 in the third sentence of par, (b),
<br />
<br />53A.04. Approval or denial of an application
<br />
<br />(a) Within 30 days after the receipt of a complete application, the commissioner shaH deny
<br />the application or submit the application to the governing body of the local unit of government
<br />326
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