SF695

Senate SF No 695 is a legislative bill introduced in Minnesota that requires sellers to accept U.S. currency, including Federal Reserve notes, for in-person transactions involving goods or services. This requirement does not apply to certain situations such as when a security deposit on a credit card is needed, or when the seller uses a device to convert cash into a prepaid card without charging fees or imposing unreasonable conditions.

The bill specifically targets sellers who operate multiple points of sale at a single location, mandating that at least one point of sale must accept cash. Exempt from this requirement are banking institutions and credit unions.

Violations of this rule can result in a civil penalty of up to $250 per transaction or attempted transaction for sellers who refuse to accept U.S. currency as described by the bill.