HF 4375

Introduction - 94th Legislature (2025 - 2026)

Posted on 03/18/2026 01:10 p.m.

A bill for an act
relating to money transmitters; allowing money transmissions to be canceled within
one hour of occurrence; amending Minnesota Statutes 2024, section 53B.54.

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

Section 1.

Minnesota Statutes 2024, section 53B.54, is amended to read:

53B.54 TIMELY TRANSMISSION.

new text begin Subdivision 1. new text end

new text begin Hold. new text end

new text begin At the request of the sender, a licensee must place a one-hour hold
on money received for transmission. The one-hour time period begins when the licensee
receives the money from the sender for transmission. A licensee must allow a sender to
cancel, at no cost to the sender, a money transmission within the one-hour time period.
new text end

new text begin Subd. 2. new text end

new text begin Requirement. new text end

(a) Every licensee must forward all money received for
transmission in accordance with the terms of the agreement between the licensee and the
sender, new text begin except as provided under subdivision 1 or new text end unless the licensee has a reasonable belief
or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or
violation of law, rule, or regulation has occurred, is occurring, or may occur.

(b) If a licensee fails to forward money received for transmission as provided under this
section, the licensee must respond to inquiries by the sender with the reason for the failure,
unless providing a response would violate a state or federal law, rule, or regulation.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2026, and applies to money
transmission that occurs on or after that date.
new text end