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REQUEST FOR CITY COUNCIL ACTION <br />DATE:11 /22/04 <br />ITEM NO: $.b <br />Department Approval: �,i��cr ���s,ea��fi� L_ Agenda Section: <br />TP/DPW � �� �,,�,�� HEARING <br />� <br />Item Description: Currency Ex���n�r License Renewal for 2005: Massive Cash LLC dba <br />Money Xchange; Pawn America Minnesota, LLC; Global Financial <br />Outsource Services, Inc. dba United Check Cashing (PF3611) <br />1.0 REQUESTEDACTION: <br />1.1 The following organizations have applied to the Minnesota Department of Commerce and <br />the City of Roseville for the annual renewal and approval of their respective Ctiirrency <br />Exchange Licenses: <br />Massive Cash, LLC (License #20293106),1745 Le�ngton Avenue. <br />Pawn America Minnesota LLC, (License #20186066), 1715 North Rice Street. <br />Global Financial Outsource Services, Inc. (License #20343044), 2216 West <br />County Road D, Suite C. <br />1.2 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 municipalityto render a decision regarding the renewal of the <br />license within 60 days. <br />1.3 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 />2.0 BACKGROUND: <br />�_ I Minnesota Statute �� �►,�{a� 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 be located. The commissioner may not approve the application without the <br />concurrence of the governing body. 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 be <br />located. If the governing body 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 from receiving the decision from the <br />governing body. The governing body shall have the sole responsibility of its decision. <br />The state shall have no responsibility for that decision." <br />PF3611 RCA 112204.doc Page 1 aE 1 <br />