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MN HF3623
Bill
Status
3/11/2010
Primary Sponsor
Gregory Davids
Click for details
AI Summary
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Requires all debit card issuers to issue PIN-based debit cards to Minnesota residents, with transactions processed as PIN-based transactions rather than signature-based.
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Defines "PIN-based debit card" as a card requiring users to provide a personal identification number (PIN) to complete transactions and requiring the issuer to process the transaction as PIN-based.
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Mandates replacement of any non-compliant debit cards issued prior to the effective date within six months of enactment.
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Establishes a moratorium preventing debit card issuers, credit card issuers, processors, and merchants from requiring compliance with Payment Card Industries standards prior to full implementation of the PIN-based card requirements.
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Sets effective date of January 1, 2011 for the PIN-based card requirements, with the moratorium effective upon final enactment.
Legislative Description
Debit cards required to be issued as PIN-based cards and transactions made with those cards to be processed as PIN-based transactions, and a moratorium provided on implementation of standards.
Last Action
House: Introduction and first reading, referred to Commerce and Labor
3/11/2010