HF4524

Banks and credit unions prohibited from charging a fee for electronically depositing a check.
Legislative Session 94 (2025-2026)

AI Generated Summary

Purpose

To prohibit state banks and state credit unions in Minnesota from charging a fee to electronically deposit a check.

Main Provisions

Section 48.741 (Electronic check deposit fees)
- Defines “electronic check” using the definition in Code of Federal Regulations title 12, section 229.2(ggg).
- Prohibits a state bank from charging a fee to deposit an electronic check.
Section 52.138 (Electronic check deposit fees)
- Also defines “electronic check” using the same federal definition.
- Prohibits a state credit union from charging a fee to deposit an electronic check.

Definitions

Electronic check: as defined in 12 CFR 229.2(g)ggg (federal regulation).
State bank: a Minnesota state-chartered bank.
State credit union: a Minnesota state-chartered credit union.

Significance and Impact

Consumers would not have to pay fees to deposit electronic checks at state banks or state credit unions.
The measure aligns state law with federal definitions of electronic checks for the purposes of deposit services.

Changes to Existing Law

Adds explicit prohibitions against deposit fees for electronic checks to Minnesota Statutes sections 48.741 and 52.138.

Enforcement and Effective Date

The text provided does not specify penalties, enforcement mechanisms, or an effective date.

Relevant Terms - electronic check - deposit fee - state bank - state credit union - Minnesota Statutes 48.741 - Minnesota Statutes 52.138 - CFR 12 CFR 229.2(g)ggg - fee prohibition - electronic deposits

Bill text versions

Introduction PDF PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
March 23, 2026	House		Action	Introduction and first reading, referred to	Commerce Finance and Policy
March 26, 2026	House		Action	Author added

Citations

[
  {
    "analysis": {
      "added": [
        "Creates Minnesota Statutes sections 48.741 and 52.138 establishing a prohibition on fees for depositing electronic checks by state banks and state-chartered credit unions."
      ],
      "removed": [],
      "summary": "This bill would prohibit state banks and state credit unions from charging a fee to deposit an electronic check, and it references the federal definition of an electronic check from the Code of Federal Regulations (12 CFR 229.2(ggg)). It also proposes creating new Minnesota statutes 48.741 and 52.138 to implement the prohibition.",
      "modified": []
    },
    "citation": "12 CFR 229.2",
    "subdivision": "ggg"
  }
]

Progress through the legislative process

17%

In Committee