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HF 527

as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2013 06:29pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to commerce; regulating money transmitters; clarifying required fraud
prevention measures; amending Minnesota Statutes 2012, section 53B.27,
subdivision 1.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 53B.27, subdivision 1, is amended to read:


Subdivision 1.

Fraud prevention measures required.

Each money transmitter shall:

(1) provide a clear, concise, and conspicuous consumer fraud warning on all
transmittal forms used by consumersnew text begin to send money to an individualnew text end ;

(2) provide consumer fraud prevention training for agents involved with transmittals;

(3) monitor agent activity relating to consumer transmittals; and

(4) establish a toll-free number for consumers to call to report fraud or suspected
fraud.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end