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S.F. No. 3800 - Money Transmission
Author: Senator Mark W. Koran
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
Date: May 5, 2020


This bill provides that a money transmitter must transmit money received within five business days unless specified circumstances exist. Requires a money transmitter to state in an agreement with a merchant that the transmitter has authority to place a hold on transmission. A transmitter that receives money to pay for goods or services must transmit the money within the time frame agreed upon in the merchant agreement. A transmitter must refund to the customer money received within ten days of a request for refund except under specified circumstances. Act is effective Aug 1, 2020 and applies to transmissions and merchant agreements executed on or after that date.

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