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Key: (1) language to be deleted (2) new language

CHAPTER 103--H.F.No. 527

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:

Section 1.

Minnesota Statutes 2012, section 53B.27, subdivision 1, is amended to read:

Subdivision 1.

Fraud prevention measures required.

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.

new text begin EFFECTIVE DATE. new text end

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

Presented to the governor May 21, 2013

Signed by the governor May 24, 2013, 2:52 p.m.

Official Publication of the State of Minnesota
Revisor of Statutes