MN SF3213

Requires all debit card issuers to issue only PIN-based debit cards to Minnesota residents, where users must provide a personal identification number (PIN) to complete transactions.

Defines debit cards as cards issued by financial institutions using magnetic strips, microprocessor chips, or other information storage that allow users to draw directly from demand deposit accounts without extending credit.

Requires debit cards issued before the effective date that do not comply with PIN-based requirements to be replaced with compliant cards within six months of the act's effective date.

Prohibits debit card issuers, credit card issuers, processors, and other entities from requiring merchants to comply with Payment Card Industries standards until full compliance with the PIN-based debit card requirements is achieved.

Subdivisions 1-3 become effective January 1, 2011; the moratorium on PCI compliance (Subdivision 4) becomes effective the day following final enactment.