SF 2962

as introduced - 88th Legislature (2013 - 2014) Posted on 04/09/2014 08:33am

A bill for an act
relating to commerce; providing that Minnesota-chartered financial institutions
are not liable for illegal actions of money transmitters licensed in this state;
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. 8. new text end

new text begin Illegal activity by money transmitters; state-chartered financial
institutions not liable. new text end

new text begin Notwithstanding any other provision of the laws of this state
to the contrary, a bank, credit union, or other financial institution licensed in this state
is not liable for any illegal activity engaged in by a money transmitter licensed as a
money transmitter in this state, unless the bank, credit union, or other financial institution
participated in the illegal activity with knowledge of its illegality.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end