Minnesota payments and fintech laws

What it would do: Defines virtual currency and establishes that it is presumed abandoned three years after the owner's last indication of interest. Requires holders to liquidate virtual currency and remit proceeds to the commissioner, and establishes abandonment timelines for prepaid funeral funds.

What it would do: Limits credit card annual percentage rates to ten percent for financial institutions, credit unions, and federal credit unions, effective upon a change in federal law requiring these entities to comply with state maximum finance charge laws.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on state and local tax amounts or gratuities in electronic payment transactions if merchants transmit that data during authorization or settlement, or within 180 days thereafter with tax documentation.

What it would do: Requires sellers in Minnesota who accept in-person payments to accept United States currency, with exceptions for certain transactions, devices, and financial institutions. Violators face civil penalties up to $250 per transaction, effective January 1, 2026.

What it would do: Prohibits state banks from charging a fee to deposit an electronic check and prohibits state credit unions from charging a fee to deposit an electronic check.

What it would do: Requires money transmission licensees to verify that senders of foreign remittance transfers are lawfully present in the United States using specified documentation, and imposes a penalty of 25 percent of the transfer amount for violations.

What it would do: Clarifies that consumer small loans and consumer short-term loans include earned wage access payday loans, and expands the definition of lenders to include entities without physical locations in Minnesota that make loans electronically or via mobile applications.

What it would do: Prohibits any person from placing or operating a virtual currency kiosk in Minnesota. Repeals existing statutes that previously regulated virtual currency kiosks, including definitions and transaction requirements.

What it would do: Requires money transmitter licensees to place a one-hour hold on money received for transmission at the sender's request and allow senders to cancel transmissions at no cost within that one-hour period, effective August 1, 2026.

What it would do: Prohibits individuals receiving certain public assistance programs from using licensed money transmitters to send money to foreign countries, with violation resulting in disenrollment from all programs. Requires money transmitters to report semi-annually to state commissioners identifying individuals who sent money abroad.

What it would do: Modifies virtual currency kiosk operator requirements by lowering daily transaction limits to $1,000 for all users, requiring identity verification, blockchain analytics software use, capping transaction fees at 3%, mandating customer service availability, and expanding fraud disclosures and refund protections.

What it would do: Imposes a one percent tax on remittance transfers sent from Minnesota using cash or similar physical instruments, collected by remittance transfer providers and remitted to the commissioner, effective for transfers made after June 30, 2026.

What it would do: Requires earned wage access services providers to obtain a license from the commissioner and establishes requirements including offering no-cost options, capping fees at $7, prohibiting credit checks and late fees, and prohibiting collection actions or credit reporting for unpaid amounts.

What it would do: Prohibits a seller or lessor from imposing a surcharge on customers who do not pay by cash if the seller does not accept cash as payment. Also prohibits surcharges on customers using the seller's own credit or charge card.

What it would do: Requires retail establishments to accept physical United States currency as payment for goods or services, effective August 1, 2026.