MN HF527

Amends Minnesota Statutes section 53B.27, subdivision 1 to clarify fraud prevention requirements for money transmitters.

Requires money transmitters to display clear, concise, and conspicuous consumer fraud warnings on all transmittal forms used to send money to individuals.

Mandates money transmitters provide consumer fraud prevention training for agents involved with transmittals and monitor agent activity relating to consumer transmittals.

Requires money transmitters to establish a toll-free number for consumers to report fraud or suspected fraud.

Effective the day following final enactment.