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HF 343

1st Engrossment - 87th Legislature (2011 - 2012) Posted on 03/05/2012 04:06pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 1st Engrossment

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A bill for an act
relating to commerce; regulating money transmitters; requiring cooperation in
combatting fraud; amending Minnesota Statutes 2010, section 53B.18; proposing
coding for new law in Minnesota Statutes, chapter 53B.

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

Section 1.

Minnesota Statutes 2010, section 53B.18, is amended to read:


53B.18 PROHIBITED PRACTICES.

No licensee shall:

(1) fail to comply with chapter 345 as it relates to unclaimed property requirements;

(2) refuse to indemnify an instrument holder for any misappropriation of money
caused by any of its authorized delegates in conducting activities on behalf of the licensee
for whom it acts as an authorized delegate; deleted text begin or
deleted text end

(3) fail to transmit all money received for wire transmission in accordance with the
purchaser's instructions within five daysnew text begin ; or
new text end

new text begin (4) fail to comply with section 53B.27new text end .

Sec. 2.

new text begin [53B.27] MONEY TRANSMITTERS; COOPERATION REQUIRED
IN COMBATTING FRAUD.
new text end

new text begin Subdivision 1. new text end

new text begin Fraud prevention measures required. new text end

new text begin Each money transmitter
shall:
new text end

new text begin (1) provide a clear, concise, and conspicuous consumer fraud warning on all
transmittal forms used by consumers;
new text end

new text begin (2) provide consumer fraud prevention training for agents involved with transmittals;
new text end

new text begin (3) monitor agent activity relating to consumer transmittals; and
new text end

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

new text begin Subd. 2. new text end

new text begin Voluntary disqualification by customer. new text end

new text begin A money transmitter that
originates money transfers in this state must allow an individual to voluntarily disqualify
the individual from sending or receiving money transfers. The disqualification lasts for
one year, unless the individual requests that it be in effect for a period longer than one
year. The individual may terminate the disqualification at any time upon written notice
to the money transmitter.
new text end