2025 Session Last amended: 1995 session

§ 53A.01 — Definitions

Plain-Language Summary

This section defines terms used in the currency exchange laws, including what a 'currency exchange' is. Currency exchanges cash checks, sell money orders, and provide similar financial services.

53A.01 DEFINITIONS.

Subdivision 1.Currency exchange.

“Currency exchange” 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 travelers’ checks for a fee. “Currency exchange” does not include a person who provides these services incidental to the person’s primary business if the charge for cashing a check or draft does not exceed $1 or one percent of the value of the check or draft, whichever is greater. §

Subd. 2.Commissioner.

“Commissioner” means the commissioner of commerce.

History:

1989 c 247 s 1; 1995 c 202 art 1 s 25

History: History: 1989 c 247 s 1; 1995 c 202 art 1 s 25

Practical Notes

A currency exchange is a business that cashes checks, sells money orders, or exchanges foreign currency. These are common in neighborhoods where people may not have traditional bank accounts.

Source: Minnesota Office of the Revisor of Statutes