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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.
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Subdivision 1.
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Hold.
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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.
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Subd. 2.
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Requirement.
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(a) Every licensee must forward all money received for
transmission in accordance with the terms of the agreement between the licensee and the
sender,
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except as provided under subdivision 1 or
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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.
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EFFECTIVE DATE.
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This section is effective August 1, 2026, and applies to money
transmission that occurs on or after that date.
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