Bill > SF695

This bill requires most retailers in Minnesota to accept United States currency (cash) when selling goods or services, with several important nuances and exceptions. Under the proposed law, sellers must accept Federal Reserve notes for in-person transactions, with exceptions for situations involving security deposits, credit card transactions, and prepaid card conversions. If a seller has multiple points of sale at a single location, they only need to accept cash at one of those points. The bill specifically exempts banking institutions and credit unions from this requirement. Retailers who fail to accept cash will be subject to a civil penalty of up to $250 per transaction. The law includes specific conditions for cash-to-prepaid card conversions, such as no transaction fees, no minimum deposit over $1, providing a receipt upon request, and ensuring the prepaid card does not have an expiration date or transaction limits. The bill is set to become effective on January 1, 2026, and will apply to all sales and transactions occurring on or after that date, representing a significant consumer protection measure aimed at ensuring access to goods and services for individuals who primarily use cash.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0695&ssn=0&y=2025