HomeMy WebLinkAbout6.A. 2015 Currency Exchange License for DRM LLC. dba Excel Pawn - Res. No. 7535 Public Hearings 6. A.
SHAKOPEE
TO: Mayor and City Council
FROM: Lori Hensen, Deputy City Clerk
DATE: 01/06/2015
SUBJECT: 2015 Currency Exchange License for DRM LLC dba Excel Pawn-Res.
No. 7535 (F)
Action Sought
Adopt Resolution No. 7535, approving the application of DRM LLC dba Excel
Pawn for a currency exchange license.
Background
The City Council is asked to consider the application for renewal of a currency
exchange license. The license will allow the applicant to engage in the business of
cashing checks, drafts, money orders, or traveler's checks for a fee.
DRM LLC dba Excel Pawn, 450 1st Avenue West has made application for renewal
of the currency exchange license.
The license is ultimately issued by the State of Minnesota. Current law requires that
the local municipality approve or deny the issuance of a license, after published
notice and a public hearing.
The applicant has provided the State with the required $10,000 Currency Exchange
Surety Bond.
The Police Department has advised me that they are unaware of any reason for the
City of Shakopee to object to the granting of a currency exchange license to DRM
LLC dba Excel Pawn.
Recommended Action
Offer Resolution No. 7535, A Resolution Approving the application of DRM LLC
dba Excel PAwn for a Currency Exchange License and move its adoption.
Attachments: Resolution No. 7535
RESOLUTION NO. 7535
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
CONCURRING WITH THE MINNESOTA COMMISSIONER OF COMMERCE
IN ISSUING THE LICENSE OF MADISON FINANCIAL COMPANIES
FOR A CURRENCY EXCHANGE LICENSE
WHEREAS, Minnesota Statutes, Section 53A.04 states that the Minnesota Commissioner of
Commerce may not approve the issuance of a currency exchange license without the concurrence of the
City Council; and
WHEREAS, DRM LLC dba Excel Pawn has applied for a currency exchange license for a location at
450 1St Avenue West; and
WHEREAS, the City has given published notice of its intention to consider this issue, has solicited
testimony from interested persons, and finds no basis to object to the Commissioner of Commerce
issuing the license.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE,
MINNESOTA, that the City Council concurs in the Commissioner of Commerce's decision to issue a
currency exchange license to:
DRM LLC dba Excel Pawn, 450 1St Avenue West
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota held this
6th day of January, 2015.
Mayor of the City of Shakopee
ATTEST:
City Clerk