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SF 247

2nd Engrossment - 88th Legislature (2013 - 2014) Posted on 04/12/2013 08:22am

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

Current Version - 2nd Engrossment

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A bill for an act
relating to commerce; preventing fraud; regulating money transmissions;
establishing a no transmit list; requiring certain notifications and verifications;
amending Minnesota Statutes 2012, sections 13.712, by adding a subdivision;
53B.27, by adding subdivisions.

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

Section 1.

Minnesota Statutes 2012, section 13.712, is amended by adding a
subdivision to read:


new text begin Subd. 3a. new text end

new text begin No transmit list. new text end

new text begin Data maintained as part of creation and maintenance
of the list of individuals for whom money transmitters may not make transmissions is
governed by section 53B.27, subdivision 3.
new text end

Sec. 2.

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 No transmit list. new text end

new text begin (a) The commissioner shall create and maintain
an electronic list of individuals for whom money transmitters may not make money
transmissions. The commissioner may contract with a third-party vendor to create and
maintain the list. The electronic list must allow for money transmitters to match names
on the "No Transmit List" with the names of individuals seeking to utilize the money
transmitter's services to make money transmissions.
new text end

new text begin (b) The "No Transmit List" shall be populated in the following ways:
new text end

new text begin (1) an individual may request that the commissioner put the individual's name on
the "No Transmit List;"
new text end

new text begin (2) persons with the legal authority to act on behalf of an individual may request that
the commissioner put the individual's name on the "No Transmit List;"
new text end

new text begin (3) money transmitters shall request that the commissioner put the names of
individuals on the "No Transmit List" that the money transmitter, their employees, their
authorized delegates, or their authorized delegates' employees have detected are victims
of a scheme to defraud and the names of individuals they have detected are participants
in a scheme to defraud individuals residing in Minnesota;
new text end

new text begin (4) state and local law enforcement agencies and departments may request that the
commissioner put the names of individuals residing in Minnesota who have been victims
of a scheme to defraud on the "No Transmit List"; and
new text end

new text begin (5) money transmitters shall request that the commissioner put the names of
individuals on the "No Transmit List" who have made a request directly to the money
transmitter to be prohibited from making or receiving money transmissions.
new text end

new text begin (c) An individual on the "No Transmit List" shall remain on the list for a minimum
of one year. After the expiration of one year, the individual may at any time request
that his or her name be removed from the "No Transmit List," otherwise the name will
remain on the list. An individual whose name was put on the "No Transmit List" by a
person authorized to act on an individual's behalf shall remain on the list for a minimum of
one year. After the expiration of one year, the person authorized to act on the individual's
behalf may at any time request that the commissioner remove the individual's name from
the "No Transmit List," otherwise the name will remain on the list.
new text end

new text begin (d) An individual who requests that the individual's name be put on the "No Transmit
List" may indicate at the time of the request that the name shall not be removed from
the "No Transmit List" unless both the individual and at least one of two designated
individuals requests the individual's name be removed from the list.
new text end

new text begin (e) The commissioner shall create request forms and establish procedures for
submission of requests under this subdivision. The commissioner's forms and procedures
shall include necessary requirements for verifying the identity and authority of individuals
submitting requests. All requests must be submitted to the commissioner on the forms
created by the commissioner and in accordance with the procedures established by the
commissioner.
new text end

new text begin (f) Except as otherwise provided in this paragraph, data on individuals in the "No
Transmit List" and in requests to have names put on or removed from the list are private
data on individuals as defined in section 13.02, subdivision 12. The name of an individual
on the "No Transmit List" may be provided to the individual or a person authorized to act
on the individual's behalf and shall be provided to a money transmitter through a matching
process for the purpose of determining whether it may initiate a money transmission. Data
classified under this paragraph may be disclosed to requesting law enforcement agencies
for law enforcement purposes or to other government agencies for purposes related to the
regulation of money transmissions.
new text end

Sec. 3.

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


new text begin Subd. 4. new text end

new text begin Suspicious activity report. new text end

new text begin Each time a money transmitter requests that
the commissioner put the name of an individual on the "No Transmit List" pursuant
to subdivision 3, paragraph (b), clause (3), the money transmitter shall also submit a
suspicious activity report pursuant to the federal Bank Secrecy Act.
new text end

Sec. 4.

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


new text begin Subd. 5. new text end

new text begin High incidence of schemes to defraud. new text end

new text begin The commissioner, after
consulting with licensed money transmitters, may establish a maximum transaction amount
for money transmissions to countries associated with high incidence of schemes to defraud.
new text end

Sec. 5.

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


new text begin Subd. 6. new text end

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

new text begin Upon request of a sender of a money transmission, a money transmitter shall
promptly notify the sender if the money transmitter receives notice that a person has
attempted to receive the transfer in a state or country other than the state or country
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 authorization from the sender.
new text end

Sec. 6.

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


new text begin Subd. 7. new text end

new text begin Verification of name and location of receipt of money transfer.
new text end

new text begin Upon request of a sender or the authorized delegate of a money transmission, a money
transmitter shall provide the sender verification of the location where the transfer was
received and the name of the person receiving the transfer.
new text end

Sec. 7. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective January 1, 2014, and applies to money transfers initiated on or
after that date.
new text end