US Laws, Codes, Statutes & Cases

     53B.11 Renewal of license and annual report. 

    Subdivision 1.    Fee.  The annual fee for renewal of a 
 license under this chapter is $2,500. 

    Subd. 2.    Report.  The renewal fee must be accompanied 
 by a report, in a form prescribed by the commissioner.  The form 
 must be sent by the commissioner to each licensee no later than 
 three months immediately preceding the date established by the 
 commissioner for license renewal.  The licensee must include in 
 this annual renewal report: 

    (1) a copy of its most recent audited consolidated annual 
 financial statement, including balance sheet, statement of 
 income or loss, statement of changes in shareholder's equity, 
 and statement of changes in financial position, or, in the case 
 of a licensee that is a wholly owned subsidiary of another 
 corporation, the consolidated audited annual financial statement 
 of the parent corporation may be filed in lieu of the licensee's 
 audited annual financial statement; 

    (2) for the most recent quarter for which data are 
 available prior to the date of the filing of the renewal 
 application, but in no event more than 120 days prior to the 
 renewal date, the licensee must provide the number of payment 
 instruments sold by the licensee in the state, the dollar amount 
 of those instruments, and the dollar amount of those instruments 
 currently outstanding; 

    (3) any material changes to any of the information 
 submitted by the licensee on its original application that have 
 not previously been reported to the commissioner on any other 
 report required to be filed under this chapter; 

    (4) a list of the licensee's permissible investments; and 

    (5) a list of the locations within this state at which 
 business regulated by this chapter is being conducted by either 
 the licensee or its authorized delegate. 

    Subd. 3.    License display.  A copy of the license 
 issued by the commissioner to the licensee shall be prominently 
 displayed in each location where money transmission services are 
 offered. 

    HIST: 2001 c 148 s 12 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.