Ask Reggi Your Question Now
Can you summarize MNST 325G.04?
CONSUMER PROTECTION; SOLICITATION OF SALES > LOST OR STOLEN FINANCIAL TRANSACTION CARDS.
Short Summary
This legal document, found in the Minnesota Statutes under Trade Regulations and Consumer Protection, addresses the liability for lost or stolen financial transaction cards. It limits the liability of a person in whose name a financial transaction card has been issued to $50 for unauthorized use of the card, provided that the issuer is notified of any unauthorized charges within 60 days of receiving the bill. Additionally, it states that a person in whose name a financial transaction card is issued shall not be liable for any amount resulting from the unauthorized use of the card after notifying the issuer of its loss or theft. The document defines ‘unauthorized use’ as a use by a person other than the customer who does not have actual, implied, or apparent authority for the use.
Whom does it apply to?
Persons in whose name a financial transaction card has been issued
What does it govern?
Liability for unauthorized use of financial transaction cards
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota