HF 194

as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2013 06:28pm

A bill for an act
relating to commerce; preventing fraud; requiring a money transmitter to notify
the sender when someone tries to receive wired funds at a location other than
the location specified by the sender; amending Minnesota Statutes 2012, section
53B.27, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 53B.27, is amended by adding a
subdivision to read:

new text begin Subd. 3. new text end

new text begin Notification of attempted receipt of money transfer at unexpected
location. new text end

new text begin A money transmitter shall promptly notify the sender of a money transfer if the
money transmitter receives notice that a person has attempted to receive the transfer at a
location other than a location specified by the sender. The money transmitter shall not
authorize receipt of the transfer at any location not specified in writing by the sender at the
time of the transmission unless the money transmitter has received written authorization
from the sender.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2013, and applies to
money transfers initiated on or after that date.
new text end