Bill Text: MN SF2962 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Minnesota-chartered financial institutions not liable for illegal actions of licensed money transmitters
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2014-04-08 - Referred to Commerce [SF2962 Detail]
Download: Minnesota-2013-SF2962-Introduced.html
1.2relating to commerce; providing that Minnesota-chartered financial institutions
1.3are not liable for illegal actions of money transmitters licensed in this state;
1.4amending Minnesota Statutes 2012, section 53B.27, by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 53B.27, is amended by adding a
1.7subdivision to read:
1.8 Subd. 8. Illegal activity by money transmitters; state-chartered financial
1.9institutions not liable. Notwithstanding any other provision of the laws of this state
1.10to the contrary, a bank, credit union, or other financial institution licensed in this state
1.11is not liable for any illegal activity engaged in by a money transmitter licensed as a
1.12money transmitter in this state, unless the bank, credit union, or other financial institution
1.13participated in the illegal activity with knowledge of its illegality.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
1.3are not liable for illegal actions of money transmitters licensed in this state;
1.4amending Minnesota Statutes 2012, section 53B.27, by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 53B.27, is amended by adding a
1.7subdivision to read:
1.8 Subd. 8. Illegal activity by money transmitters; state-chartered financial
1.9institutions not liable. Notwithstanding any other provision of the laws of this state
1.10to the contrary, a bank, credit union, or other financial institution licensed in this state
1.11is not liable for any illegal activity engaged in by a money transmitter licensed as a
1.12money transmitter in this state, unless the bank, credit union, or other financial institution
1.13participated in the illegal activity with knowledge of its illegality.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
