Minnesota 2023-2024 Regular Session

Minnesota House Bill HF5008

Introduced
3/18/24  

Caption

Money transmitters governing provisions modified.

Impact

If passed, HF5008 would directly affect the existing laws governing financial institutions, particularly in the realm of money transmission services. By updating terminology and provisions surrounding these services, the bill aims to align state regulation with current practices within the financial sector. However, the repeal of certain previous provisions could lead to changes in the compliance landscape for companies engaged in payroll processing. These regulatory changes are meant to reduce ambiguities, thus potentially enhancing consumer protection regarding money transmission.

Summary

House File 5008 proposes modifications to the governing provisions of money transmitters within the state of Minnesota. The bill seeks to amend existing regulations as laid out in Minnesota Statutes, with special emphasis on defining money transmission and detailing exceptions to these regulations. Definitions are provided to clarify what constitutes money transmission, including services such as payroll processing. The goal is to ensure that all parties involved in money transmission operate under a consistent and clear set of rules.

Contention

The bill has sparked discussions about its implications on local businesses and the broader financial industry. Advocates argue that the modifications will modernize the regulatory framework for financial institutions, leading to greater clarity and efficiency in the provision of money transmission services. Conversely, there are concerns from some stakeholders regarding potential overreach in regulatory authority. This tension reflects broader debates on how best to balance consumer protection with fostering a competitive business environment.

Companion Bills

MN SF5031

Similar To Money transmitters governing provisions modifications

Previously Filed As

MN SF5031

Money transmitters governing provisions modifications

MN SB0458

Money transmitters.

MN HB1027

Relating To Money Transmitters Modernization Act.

MN SB1325

Relating To Money Transmitters Modernization Act.

MN SB1325

Relating To Money Transmitters Modernization Act.

MN SB2119

Money transmitters; and to provide a penalty.

MN LD2112

An Act to Replace the Money Transmitters Act

MN HB522

Relative to money transmitters.

MN AB430

Exempts persons engaged in the provision of payroll processing services from provisions governing money transmission. (BDR 55-1072)

MN HB343

Financial institutions; regulation of money transmitters, penalty.

Similar Bills

NJ A5437

Requires electric transmission owners to join transmission entities.

NJ S4519

Requires electric transmission owners to join transmission entities.

IL HB5234

UTIL-TRANSMISSION EFFICIENCY

KS HB2226

Providing incumbent electric transmission owners a right of first refusal for the construction of certain electric transmission lines.

IN HB1420

Electric transmission facilities.

CA SB1006

Electricity: transmission capacity: reconductoring and grid-enhancing technologies.

IA SF2372

A bill for an act relating to electric transmission lines and electric transmission owners, and including effective date and applicability provisions.(Formerly SSB 3176.)

IA HSB698

A bill for an act relating to electric transmission lines and electric transmission owners, and including effective date and applicability provisions.(See HF 2551.)