Minnesota SF4838: Foreign remittance transfers verification requirement and civil and criminal penalties establishment provision

What the bill says

A bill for an act relating to commerce; requiring verification for foreign remittance transfers; providing civil and criminal penalties; amending Minnesota Statutes 2024, section 53B.50; proposing coding for new law in Minnesota Statutes, chapter 53B.

From the introduced text, March 24, 2026:

A bill for an act relating to commerce; requiring verification for foreign remittance transfers; providing civil and criminal penalties; amending Minnesota Statutes 2024, section 53B.50; proposing coding for new law in Minnesota Statutes, chapter 53B. Section 1. Minnesota Statutes 2024, section 53B.50, is amended to read: 53B.50 RECORDS. (a) A licensee must maintain the following records, for purposes of determining the licensee's compliance with this chapter, for at least three (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank reconciliation records; (4) records of outstanding money transmission obligations; (5) records of each outstanding money transmission obligation paid within the three-year period; (6) a list of the last known names and addresses of all of the licensee's authorized delegates; deleted text begin and deleted text end new text begin [] new text end new text begin [ and ] new text end deleted text begin (7)deleted text end new text begin [ADDED: (9) ] new text end any other records the commissioner reasonably requires by administrative rule. (b) The items specified in paragraph (a) may be maintained in any form of record. (c) The records specified in paragraph (a) may be maintained outside of Minnesota if the records are made accessible to the commissioner upon seven business-days' notice …

Read the full official text

Sponsors

• Steve Drazkowski (R) · primary sponsor
• Cal Bahr (R)

Latest actions

1. March 25, 2026: Referred to Commerce and Consumer Protection
2. March 25, 2026: Introduction and first reading

Common questions

What is SF4838?

SF4838 is a bill in the Minnesota Legislature (94th Legislature 2025-2026): Foreign remittance transfers verification requirement and civil and criminal penalties establishment provision.

What does SF4838 do?

In its own words: A bill for an act relating to commerce; requiring verification for foreign remittance transfers; providing civil and criminal penalties; amending Minnesota Statutes 2024, section 53B.50; proposing coding for new law in Minnesota Statutes, chapter 53B.

What is the status of SF4838?

In committee as of March 25, 2026. Latest action: Referred to Commerce and Consumer Protection (March 25, 2026).

Who sponsored SF4838?

Steve Drazkowski (R), with 1 co-sponsor.

Where is the official record for SF4838?

On the Minnesota Legislature website: https://www.revisor.mn.gov/bills/bill.php?f=SF4838&y=2025&ssn=0&b=senate