Sellers to accept United States currency for purchases requirement

A bill for an act

relating to commerce; requiring sellers to accept United States currency for

purchases; proposing coding for new law in Minnesota Statutes, chapter 325F.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

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[325F.805] RETAIL SALES; UNITED STATES CURRENCY.

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Subdivision 1.

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Definitions.

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(a) For purposes of this section, the following terms have

the meanings given.

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(b) "Consumer" has the meaning given in section 325F.80, subdivision 1, clause (1).

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(c) "Essential goods and services" has the meaning given in section 325E.80, subdivision

1, paragraph (b).

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(d) "Seller" has the meaning given in section 325F.80, subdivision 1, clause (2).

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Subd. 2.

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Retailers; United States currency acceptance.

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Except as provided in

subdivision 3, a seller offering essential goods or services for sale in Minnesota must accept

United States currency, including Federal Reserve notes, from a consumer to purchase an

essential good or service.

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Subd. 3.

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Application; exceptions.

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(a) This section applies to a seller only if the seller

accepts payment in person for the essential goods and services being offered for sale.

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(b) A seller with more than one point of sale at a single address or location complies

with this section if the seller accepts United States currency, including Federal Reserve

notes, at no less than one point of sale at the address or location.

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(c) This section does not apply to a retail transaction in which the seller requires the

consumer to provide: (1) a security deposit placed on a credit card; or (2) a credit card

number to cover unforeseen damages or expenses.

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(d) This section does not apply to a seller that uses a device to convert a consumer's cash

into a prepaid card that allows the consumer to complete a transaction with the seller if:

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(1) the transaction does not include a fee;

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(2) the transaction does not require a minimum deposit greater than $1;

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(3) upon request, the consumer is provided with a receipt that indicates the amount of

cash the consumer deposited on the prepaid card;

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(4) the money on the prepaid card is not subject to an expiration date; and

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(5) the seller or prepaid card issuer does not limit the number of transactions that may

be completed using the prepaid card.

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(e) This section does not apply to a banking institution, as defined under section 48.01,

subdivision 2, or a credit union, as defined under section 52.001, subdivision 4.

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Subd. 4.

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Penalty.

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A seller that fails to accept United States currency, including Federal

Reserve notes, from a consumer violates this section and is subject to a civil penalty of no

more than $250 per transaction or attempted transaction.

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EFFECTIVE DATE.

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This section is effective January 1, 2027, and applies to sales and

transactions occurring on or after that date.

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