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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 3800 - Money Transmission
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Author:
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Senator Mark W. Koran
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Prepared By:
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Date:
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May 5, 2020
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This bill provides that a money transmitter must transmit money received within five business days unless specified circumstances exist. Requires a money transmitter to state in an agreement with a merchant that the transmitter has authority to place a hold on transmission. A transmitter that receives money to pay for goods or services must transmit the money within the time frame agreed upon in the merchant agreement. A transmitter must refund to the customer money received within ten days of a request for refund except under specified circumstances. Act is effective Aug 1, 2020 and applies to transmissions and merchant agreements executed on or after that date.
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Check on the status of this bill
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Last review or update: 05/05/2020
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