SF 3743

as introduced - 91st Legislature (2019 - 2020) Posted on 02/27/2020 03:58pm

A bill for an act
relating to commerce; prohibiting account suspension or transaction cancellation
for certain peer-to-peer online payment service users; proposing coding for new
law in Minnesota Statutes, chapter 325E.

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

Section 1.

new text begin [325E.75] INDUSTRIAL HEMP MANUFACTURERS; TRANSACTIONS.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have
the meanings given them.
new text end

new text begin (b) "Industrial hemp manufacturer or business" means a person licensed under section
18K.04, subdivision 1, or authorized under section 18K.03, subdivision 1, to cultivate,
process, or sell industrial hemp, as defined under section 18K.02, subdivision 3.
new text end

new text begin (c) "Peer-to-peer online payment service" means a web- or mobile-based application,
connected to a user's bank account, debit card, or credit card, that enables the user to directly
make purchases from or send money to another user.
new text end

new text begin (d) "User" means an individual or entity that is registered to use a peer-to-peer online
payment system to exchange money with other users.
new text end

new text begin (e) "User agreement" or "terms of service" means an agreement made between the owner,
administrator, or provider of a peer-to-peer online payment service and the user of the
service that defines the rights and responsibilities of both parties.
new text end

new text begin Subd. 2. new text end

new text begin Account suspension prohibited; exception. new text end

new text begin (a) A peer-to-peer online payment
service is prohibited from (1) suspending or closing the account of, (2) freezing or otherwise
limiting access to the account of, or (3) preventing or canceling transactions by, a user that
is an industrial hemp manufacturer or business in Minnesota solely on the basis of the
industrial hemp manufacturer's or business' business type, stated business activity, or hemp
products sold even if the industrial hemp manufacturer's or business' business type, business
activity, or hemp products sold violate the peer-to-peer online payment system's user
agreement or terms of service.
new text end

new text begin (b) Paragraph (a) does not limit a peer-to-peer online payment service's ability to
otherwise suspend or close an account, freeze or limit access to an account, or prevent or
cancel a transaction of an industrial hemp manufacturer or business that violates other
provisions of the peer-to-peer online payment system's user agreement or terms of service.
new text end

new text begin Subd. 3. new text end

new text begin Penalties. new text end

new text begin A peer-to-peer online payment service that violates subdivision 2 is
subject to enforcement action under section 8.31.
new text end