Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2872 - CURRENCY EXCHANGE FEES
Part 2872.0100 - CURRENCY EXCHANGE FEES

Universal Citation: MN Rules 2872.0100

Current through Register Vol. 49, No. 13, September 23, 2024

Subpart 1. Presumption.

It shall be presumed that fees and amendments of fees filed with the commissioner of commerce under Minnesota Statutes, section 53A.07, are fair and reasonable if they do not exceed the following amounts:

A. for cashing checks issued by a government entity in an amount up to $500, the greater of (1) 2-1/2 percent of the face amount of the instrument, or (2) $1, except that it is permissible to charge a first-time customer up to five percent of the face amount of the instrument; and

B. for cashing all other government checks and for cashing payroll checks, the greater of (1) three percent of the face amount of the instrument, or (2) $1, except that it is permissible to charge a first-time customer up to six percent of the face amount of the instrument.

Subp. 2. Disapproval.

Fees and amendments of fees filed with the commissioner under Minnesota Statutes, section 53A.07, that exceed the maximum amounts in subpart 1 may be disapproved by the commissioner as not fair and reasonable based on a consideration of the standards in Minnesota Statutes, section 53A.07, subdivision 3.

Statutory Authority: MS s 45.023; 53A.12

Disclaimer: These regulations may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.