Minnesota § 53B.59 NET WORTH

Minnesota Statutes

§ 53B.59 — NET WORTH

Minnesota § 53B.59

PartBANKING

Ch. 53BMONEY TRANSMITTERS

This text of Minnesota § 53B.59 (NET WORTH) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 53B.59 (2026).

Text

(a)A licensee under this chapter must maintain at all times a tangible net worth that is the greater of:

(1)$100,000; or (2) three percent of total assets for the first $100,000,000; two percent of additional assets between $100,000,000 to $1,000,000,000; and one-half percent of additional assets over $1,000,000,000.

(b)Tangible net worth must be demonstrated in the initial application by the applicant's most recent audited or unaudited financial statements under section53B.38, paragraph (b), clause (6).

(c)Notwithstanding paragraphs (a) and (b), the commissioner has the authority, for good cause shown, to exempt any applicant or licensee in part or in whole from the requirements of this section.

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(a) A licensee under this chapter must maintain at all times a tangible net worth that is the greater of: (1) $100,000; or (2) three percent of total assets for the first $100,000,000; two percent of additional assets between $100,000,000 to $1,000,000,000; and one-half percent of additional assets over $1,000,000,000.
(b) Tangible net worth must be demonstrated in the initial application by the applicant's most recent audited or unaudited financial statements under section53B.38, paragraph (b), clause (6).
(c) Notwithstanding paragraphs (a) and (b), the commissioner has the authority, for good cause shown, to exempt any applicant or licensee in part or in whole from the requirements of this section.