MN HF3904

Amends Minnesota Statutes section 53B.18 to establish a five business day deadline for money transmission licensees to transmit funds received from senders, unless the sender orders otherwise, a crime/violation is suspected, or the transmission is for payment of goods or services.

Requires licensees to conspicuously disclose in merchant agreements that they have authority to hold or delay transmission for more than five business days and identify general circumstances when such delays may occur.

Mandates licensees transmit money to merchants for goods or services within the time frame agreed upon in the merchant agreement.

Requires licensees to respond to sender or recipient inquiries with the reason for any transmission failure, unless the response would violate state or federal law.

Establishes a ten-day refund requirement for customers unless the money has already been transmitted and delivered, committed to the designated person, or the licensee is barred by law from refunding.

Takes effect August 1, 2020, and applies to transmissions and merchant agreements executed on or after that date.