Minn. R. agency 120, ch. 2872, pt. 2872.0100 - CURRENCY EXCHANGE FEES

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.

Notes

Minn. R. agency 120, ch. 2872, pt. 2872.0100

15 SR 1924

Statutory Authority: MS s 45.023; 53A.12