01-0773R

RESOLUTION APPROVING THE ISSUANCE OF A MINNESOTA CURRENCY EXCHANGE LICENSE TO PAWN AMERICA MINNESOTA, LLC.

BY PRESIDENT EDWARDS:

        WHEREAS, Pawn America Minnesota, LLC, has applied to the Minnesota department of commerce for a license to transact the business of a currency exchange at its offices at 339 East Central Entrance; and

        WHEREAS, the Duluth City Council has received a copy of the license application from the director of licensing of the department of commerce and can object to the issuance of said license; and

        WHEREAS, the Duluth City Council has no objection to the issuance of said license to transact the business of a currency exchange.

        NOW, THEREFORE, BE IT RESOLVED, that the Duluth City Council hereby approves of the Minnesota department of commerce issuing a license to conduct the business of a currency exchange at 339 East Central Entrance to Pawn America Minnesota, LLC.



STATEMENT OF PURPOSE:  By Minnesota Statute 53A-04, the Minnesota Legislature enacted changes to the licensing law under which currency exchanges are regulated.  The governing body of the city in which the currency business is going to operate must concur in the issuance of a currency exchange license by the commissioner of commerce.