HomeMy WebLinkAbout6.A. 2015 Currency Exchange Licenses - Res. No. 7643 Public Hearings 6. A.
SHAKO'EE
TO: Mayor and City Council
FROM: Lori Hensen, City Clerk
DATE: 11/17/2015
SUBJECT: 2015 Currency Exchange Licenses - Res. No. 7643 (F)
Action Sought
The Council is asked to conduct a public hearing and then offer Resolution No,
7643, a resolution approving the application of Madison Financial
Companies, dba MoneyXchange, 1147 Canterbury Road; and DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1st Avenue for currency exchange licenses,
and move its adoption.
Background
The City Council is asked to conduct a public hearing on two applications for
renewal of currency exchange licenses. The licenses will allow the applicants to
engage in the business of cashing checks, drafts, money orders, or traveler's checks
for a fee.
The following businesses have made application for renewal of their currency
licenses:
1. Madison Financial Companies, dba MoneyXchange, 1147 Canterbury Road
2. DRM LLC of Shakopee dba Excel Pawn, 450 West 1st Avenue
The licenses are 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 applicants have provided the State with the
required $10,000 Currency Exchange Surety Bonds.
The Police Department has advised that they are unaware of any reason for the City
to object to the granting currency exchange licenses to these two businesses.
Requested Action
Following the public hearing, the Council is asked to offer Resolution No. 7643, a
resolution approving the application of Madison Financial
Companies, dba MoneyXchange; 1147 Canterbury Road; and DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1st Avenue, for currency exchange licenses,
and move its adoption
Attachments: Res. No. 7643
RESOLUTION NO. 7643
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
CONCURRING WITH THE MINNESOTA COMMISSIONER OF COMMERCE
IN ISSUING THE LICENSE OF MADISON FINANCIAL COMPANIES AND
DRM LLC OF SHAKOPEE 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, Madison Financial Companies dba MoneyXchange has applied for a currency
exchange license for a location at 1147 Canterbury Road; and
WHEREAS, DRM LLC of Shakopee dba Excel Pawn has applied for a currency exchange license for
a location at 450 West 1St Avenue; 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 licenses.
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:
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road
DRM LLC of Shakopee dba Excel Pawn,450 West 1st Avenue
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota, held this
17th day of November, 2015.
Mayor of the City of Shakopee
ATTEST:
City Clerk