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REQUEST FOR CITY COUNCIL ACTION <br />DATE: 10/23/O6 <br />ITEM NO: 7. <br />Department Approval: Manager ov�d: Agenda Section: <br />TP ��'�`'" :�FAR�NG <br />Item Descxiption: Currency Exchange Li �� ��� Renewal for 2007: Pawn America <br />Minnesota. LLC (P�3789} <br />].i� REQUESTED ACTION: <br />L I The following organization has applied to the Minnesota Department of Commerce and <br />the City of RosEVil1� for the annual renewal and approval of their Currency Exchange <br />Licenses for the calendar year 2007: <br />Pawn America Minnesota LLC, (License #2U1$60(6),1715 North Rice Street. <br />L.� Minnesota Statutes Chapter 53A.04 requires the Department of Commerce to submit any <br />application for licensure as a currency exchange to the governing body of the <br />municipality in which the currency exchange conducts business. The law further requires <br />the governing body of the municipality to render a decision regarding the renewal of the <br />license within 60 days. <br />L.� State Statutes also require the City to published notice of its intention to consider the <br />issue and solicit testimony from interested persons prior to taking action on the renewal. <br />ix,� BACKGROUND: <br />?. L Minnesota Statute ��.�.?lrt[:s`� states: "Within 30 days after receipt of a completed <br />application, the commissioner shall deny the application or submit the application to the <br />governing body of the local unit of government in which the applicant is located or is <br />proposing to he located. The commissioner may not approve the application without the <br />concurrence of the governing hody. The governing shall give published notice of its <br />intention to consider the issue and shall solicit testimony from interested persons, <br />including those in the community in which the applicant is located or proposing to he <br />located. If the governing hody has not approved or disapproved the issue within 60 days <br />of receipt of the application, concurrence is presumed. The commissioner must approve <br />or disapprove the application within 30 days froin receiving the decision from the <br />governing hody. The governing hody shall have the sole responsihility of its decision. <br />The state shall have no responsibility for that decision." <br />1"F�7��_R�'J�_«��irr�,til�{: Page 1 of� <br />