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S.F. No. 2657 - Money Transmitters
 
Author: Senator Kevin L. Dahle
 
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
 
Date: March 30, 2016



 

Section 1 allows a person who sends money pursuant to a fraud induced money transfer and who is not a party to the fraud to bring an action against the money transmitter for the loss if specified circumstances are present. Current law only provides for investigation and enforcement by the commissioner of commerce.

Section 2 requires a money transmitter to include on send-money forms a section reasonably designed to detect whether the purpose of the transfer is fraudulent.

Section 3 requires a money transmitter to have in place written and verbal warnings to adequately warn consumers of fraudulent schemes.

Section 4 requires a money transmitter to:

  • investigate reports of fraud induced transfers received from customers or law enforcement;
  • create a report for each completed investigation that includes specified information;
  • use investigation reports to monitor and understand trends and new forms of fraudulent schemes;
  • designate knowledgeable employees or other parties to maintain reports and monitor trends; and supply such reports to customers or law enforcement upon request.

 

 
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