Bill Text: MN SF544 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Money transmitter required fraud prevention measures clarification
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2013-04-11 - HF substituted on General Orders HF527 [SF544 Detail]
Download: Minnesota-2013-SF544-Introduced.html
1.2relating to commerce; regulating money transmitters; clarifying required fraud
1.3prevention measures;amending Minnesota Statutes 2012, section 53B.27,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 53B.27, subdivision 1, is amended to read:
1.7 Subdivision 1. Fraud prevention measures required. Each money transmitter shall:
1.8(1) provide a clear, concise, and conspicuous consumer fraud warning on all
1.9transmittal forms used by consumers to send money to an individual;
1.10(2) provide consumer fraud prevention training for agents involved with transmittals;
1.11(3) monitor agent activity relating to consumer transmittals; and
1.12(4) establish a toll-free number for consumers to call to report fraud or suspected
1.13fraud.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
1.3prevention measures;amending Minnesota Statutes 2012, section 53B.27,
1.4subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 53B.27, subdivision 1, is amended to read:
1.7 Subdivision 1. Fraud prevention measures required. Each money transmitter shall:
1.8(1) provide a clear, concise, and conspicuous consumer fraud warning on all
1.9transmittal forms used by consumers to send money to an individual;
1.10(2) provide consumer fraud prevention training for agents involved with transmittals;
1.11(3) monitor agent activity relating to consumer transmittals; and
1.12(4) establish a toll-free number for consumers to call to report fraud or suspected
1.13fraud.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
