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MN HF3016

Bill

Official Source

Status

Introduced

3/12/2014

Primary Sponsor

Karen Clark

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Establishes that Minnesota-chartered banks, credit unions, and other licensed financial institutions are not liable for illegal activities conducted by state-licensed money transmitters
  • Creates an exception to liability if the financial institution participated in the illegal activity with knowledge of its illegality
  • Amends Minnesota Statutes 2012, section 53B.27 by adding a new subdivision (Subd. 8)
  • Takes effect the day following final enactment

Legislative Description

Minnesota-chartered financial institutions provided to not be liable for illegal actions of money transmitters licensed in Minnesota.

Last Action

Author added Allen

3/13/2014

Committee Referrals

Commerce and Consumer Protection Finance and Policy3/12/2014

Full Bill Text

No bill text available