Money transmissions allowed to be canceled within one hour of occurrence.

This bill requires money transmitters in Minnesota to allow senders to cancel transactions within one hour of the money being received, with no cancellation fees. Under the new rules, licensees must place a one-hour hold on funds before forwarding them, unless they have reasonable grounds to suspect fraud or illegal activity. The law also mandates that transmitters explain any delays in sending money to senders, unless doing so would violate other laws. These changes take effect on August 1, 2026, and apply to all money transmission transactions occurring on or after that date.