as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2013 06:29pm
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:
Minnesota Statutes 2012, section 53B.27, subdivision 1, is amended to read:
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.
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This section is effective the day following final enactment.
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