MN SF5535

Sellers offering goods or services for sale in Minnesota must accept United States currency, including Federal Reserve notes, from consumers for in-person purchases.

Applies only to sellers who accept in-person payments; sellers with multiple points of sale at one location comply if currency is accepted at no less than one point of sale.

Does not apply to transactions requiring security deposits on credit cards, unforeseen damage coverage, or cash-to-prepaid card conversions meeting specified conditions including no fees, minimum deposits not exceeding $1, and no expiration dates.

Excludes banking institutions and credit unions from the currency acceptance requirement.

Sellers violating the requirement are subject to a civil penalty of no more than $250 per transaction or attempted transaction, effective January 1, 2025.