Minnesota sellers acceptance of United States currency requirement
Summary
SF 695 would require sellers offering goods or services in Minnesota to accept United States currency, including Federal Reserve notes, when a consumer is paying in person. The bill is aimed at retail sales and would create a new section in Minnesota Statutes chapter 325F governing cash acceptance by sellers. It is intended to prevent businesses from operating as cashless-only retailers, while still allowing certain limited alternatives such as prepaid-card conversion devices that meet specified consumer-protection conditions.
The bill includes several exceptions. It would not apply to transactions where payment is not made in person, to sellers with multiple points of sale at one location so long as at least one point accepts cash, or to certain transactions involving security deposits or credit card numbers for damages. It also excludes banking institutions and credit unions. A seller that refuses cash in violation of the bill would be subject to a civil penalty of up to $250 per transaction or attempted transaction. The bill would take effect January 1, 2026, and apply to sales and transactions on or after that date.
Impact
If enacted, SF 695 would add a new consumer-protection requirement to Minnesota’s commerce laws by mandating cash acceptance for in-person retail sales. It would affect retailers, service providers, and other sellers operating in Minnesota, especially businesses that currently prefer or require electronic-only payment systems. The bill would also create a statutory enforcement mechanism through civil penalties and would likely require businesses to adjust point-of-sale practices, signage, and payment policies to ensure compliance.
Sentiment
The available record shows the bill was introduced and referred to the Senate Commerce and Consumer Protection Committee, but no committee transcript or vote history is provided. Based on the bill text, the measure appears to reflect a pro-cash, consumer-access approach rather than a broad regulatory expansion. Because there is no recorded debate or vote in the provided materials, the overall sentiment from legislative discussion cannot be directly assessed.
Contention
The main point of contention is likely to be whether the state should require private businesses to accept cash at all, balancing consumer access and inclusion against business flexibility and operational efficiency. Supporters would likely emphasize access for unbanked or underbanked consumers, privacy, and the continued role of cash in everyday commerce. Opponents may argue that mandatory cash acceptance imposes costs, complicates fraud prevention and security, and limits retailers’ ability to choose payment methods. The bill’s exceptions for prepaid-card conversion systems, banks, and credit unions suggest an attempt to narrow the mandate and address some operational concerns.
A BILL for an Act to create and enact a new chapter to title 51 of the North Dakota Century Code, relating to specie legal tender, the taxation of specie legal tender, and United States central bank digital currencies; to amend and reenact section 41-01-09 of the North Dakota Century Code, relating to the definition of United States central bank digital currency.