1.1                          A bill for an act 
  1.2             relating to commerce; regulating certain fees charged 
  1.3             by currency exchanges; amending Minnesota Statutes 
  1.4             1998, section 53A.09, subdivision 1. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1998, section 53A.09, 
  1.7   subdivision 1, is amended to read: 
  1.8      Subdivision 1.  [DEPOSITS; ESCROW ACCOUNTS.] (a) A currency 
  1.9   exchange may not accept money or currency for deposit, or act as 
  1.10  bailee or agent for persons, firms, partnerships, associations, 
  1.11  or corporations to hold money or currency in escrow for others 
  1.12  for any purpose.  However, a currency exchange may act as agent 
  1.13  for the issuer of money orders or travelers' checks. 
  1.14     (b) A currency exchange may agree to defer deposit of a 
  1.15  check in an amount of up to $600.  The fee charged to the 
  1.16  customer for that deferral must be filed with and approved by 
  1.17  the commissioner as fair and reasonable under section 53A.07.  
  1.18  The deferral and any related fee is governed under this chapter 
  1.19  and not under section 47.60 or chapter 334. 
  1.20     Sec. 2.  [EFFECTIVE DATE.] 
  1.21     Section 1 is effective the day following final enactment.