City Council Meeting Date: November 26, 2024
To: Mayor and City Council
City Administrator
From: Lynette Peterson, City Clerk
Title
Public Hearing on Currency Exchange License Renewals for Northfield Financial, LLC at 650 Professional Drive and Servicios Latinos Menas LLC at 300 Linden Street S.
Body
Action Requested:
The Northfield City Council is being asked to hold a public hearing for currency exchange license renewals for Northfield Financial, LLC at 650 Professional Drive and Servicios Latinos Menas LLC at 300 Linden Street S.
Summary Report:
The currency exchange application renewals were submitted to the Department of Commerce for Northfield Financial, LLC at 650 Professional Drive and Servicios Latinos Menas LLC at 300 Linden Street S. to operate currency exchange businesses through December 31, 2025.
Currency exchange licenses are regulated and issued by the Department of Commerce. The Department of Commerce is responsible for ensuring that the applications meet the requirements in State law. A complete copy of Minnesota Statute Chapter 53A related to Currency Exchanges is attached. Minnesota Statute 53A.04 (a) regulates approval or denial of an application as follows:
(a) Within 30 days after the receipt of a complete application, the commissioner shall deny the application or submit the application to the governing body of the local unit of government in which the applicant is located or is proposing to be located. The commissioner may not approve the application without the concurrence of the governing body. The governing body shall give published notice of its intention to consider the issue and shall solicit testimony from interested persons, including those in the community in which the applicant is located or is proposing to be located. If the governing body has not approved or disapproved the issue within 60 days of receipt of the application, concurrence is presumed. The commissioner must approve or disapprove the applicat...
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