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MN SF2962

Bill

Official Source

Status

Introduced

4/8/2014

Primary Sponsor

David Senjem

Click for details

Origin

Senate

88th Legislature 2013-2014

AI Summary

  • Amends Minnesota Statutes section 53B.27 to add liability protections for state-chartered financial institutions
  • Exempts banks, credit unions, and other state-licensed financial institutions from liability for illegal activities conducted by licensed money transmitters, unless the financial institution knew of and participated in the illegal activity
  • Applies only when the money transmitter is licensed as a money transmitter in Minnesota
  • Effective the day following final enactment

Legislative Description

Minnesota-chartered financial institutions not liable for illegal actions of licensed money transmitters

Last Action

Referred to Commerce

4/8/2014

Committee Referrals

Commerce4/8/2014

Full Bill Text

No bill text available