Minnesota § 53B.68 TRANSITION PERIOD

Minnesota Statutes

§ 53B.68 — TRANSITION PERIOD

Minnesota § 53B.68

PartBANKING

Ch. 53BMONEY TRANSMITTERS

This text of Minnesota § 53B.68 (TRANSITION PERIOD) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 53B.68 (2026).

Text

(a)A person licensed in Minnesota to engage in the business of money transmission is not subject to the provisions of this chapter to the extent that this chapter's provisions conflict with current law or establish new requirements not imposed under current law until the licensee renews the licensee's current license or for five months after July 1, 2023, whichever is later.

(b)Notwithstanding paragraph (a), a licensee is only required to amend the licensee's authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under paragraph (a). Nothing in this section limits an authorized delegate's obligations to operate in full compliance with this chapter, as required under section53B.51, paragraph (c).

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A person licensed in Minnesota to engage in the business of money transmission is not subject to the provisions of this chapter to the extent that this chapter's provisions conflict with current law or establish new requirements not imposed under current law until the licensee renews the licensee's current license or for five months after July 1, 2023, whichever is later.
(b) Notwithstanding paragraph (a), a licensee is only required to amend the licensee's authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under paragraph (a). Nothing in this section limits an authorized delegate's obligations to operate in full compliance with this chapter, as required under section53B.51, paragraph (c).