HF 5486

as introduced - 93rd Legislature (2023 - 2024) Posted on 05/20/2024 10:09am

A bill for an act
relating to commerce; requiring sellers to accept United States currency for
purchases; proposing coding for new law in Minnesota Statutes, chapter 325F.

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

Section 1.

new text begin [325F.805] RETAIL SALES; UNITED STATES CURRENCY.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For purposes of this section, the terms defined in section
325F.80, subdivision 1, apply.
new text end

new text begin Subd. 2. new text end

new text begin Retailers; United States currency acceptance. new text end

new text begin (a) Except as provided in
subdivision 3, a seller offering goods or services for sale in Minnesota must accept United
States currency, including Federal Reserve notes, from a consumer to purchase the goods
or services.
new text end

new text begin Subd. 3. new text end

new text begin Application; exceptions. new text end

new text begin (a) This section applies to a seller only if the seller
accepts payment in person for the goods and services being offered for sale.
new text end

new text begin (b) A seller with more than one point of sale at a single address or location complies
with this section if the seller accepts United States currency, including Federal Reserve
notes, at no less than one point of sale at the address or location.
new text end

new text begin (c) This section does not apply to a retail transaction in which the seller requires: (1) a
security deposit to be placed on a credit card; or (2) a credit card number to be provided to
cover unforeseen damages or expenses.
new text end

new text begin (d) This section does not apply to a seller that uses a device to convert a consumer's cash
into a prepaid card that allows the consumer to complete a transaction with the seller if:
new text end

new text begin (1) the transaction does not include a fee;
new text end

new text begin (2) the transaction does not require a minimum deposit greater than $1;
new text end

new text begin (3) upon request, the consumer is provided with a receipt that indicates the amount of
cash the consumer deposited on the prepaid card; and
new text end

new text begin (4) the money on the prepaid card is not subject to an expiration date, and the seller or
prepaid card issuer does not limit the number of transactions that may be completed using
the prepaid card.
new text end

new text begin (e) This section does not apply to a banking institution, as defined under section 48.01,
subdivision 2, or a credit union, as defined under section 52.001, subdivision 4.
new text end

new text begin Subd. 4. new text end

new text begin Penalty. new text end

new text begin A seller that fails to accept United States currency, including Federal
Reserve notes, from a consumer violates this section and is subject to a civil penalty of no
more than $250 per transaction or attempted transaction.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective January 1, 2025, and applies to sales and
transactions occurring on or after that date.
new text end