Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
HF4375 • 2026
Money transmissions allowed to be canceled within one hour of occurrence.
Money transmissions allowed to be canceled within one hour of occurrence.
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-03-18
House
Author added Rehrauer
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2026-03-16
House
Introduction and first reading, referred to Commerce Finance and Policy
Official Summary Text
Money transmissions allowed to be canceled within one hour of occurrence.
Current Bill Text
Read the full stored bill text
A bill for an act relating to money transmitters; allowing money transmissions to be canceled within one hour of occurrence; amending Minnesota Statutes 2024, section 53B.54. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 2024, section 53B.54, is amended to read: 53B.54 TIMELY TRANSMISSION. new text begin Subdivision 1. new text end new text begin Hold. new text end new text begin At the request of the sender, a licensee must place a one-hour hold on money received for transmission. The one-hour time period begins when the licensee receives the money from the sender for transmission. A licensee must allow a sender to cancel, at no cost to the sender, a money transmission within the one-hour time period. new text end new text begin Subd. 2. new text end new text begin Requirement. new text end (a) Every licensee must forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender, new text begin except as provided under subdivision 1 or new text end unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur. (b) If a licensee fails to forward money received for transmission as provided under this section, the licensee must respond to inquiries by the sender with the reason for the failure, unless providing a response would violate a state or federal law, rule, or regulation. new text begin EFFECTIVE DATE. new text end new text begin This section is effective August 1, 2026, and applies to money transmission that occurs on or after that date. new text end