(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.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Minnesota Statutes 53B.68

  • Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44

(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 section 53B.51, paragraph (c).