Section 47.70 — Antitrust.
47.70 ANTITRUST. No person engaged in electronic financial terminal or transmission facility activities shall contract, combine, or conspire to restrain trade in the market for electronic financial terminals, or engage in any anticompetitive practices to the detriment of the public interest. Notwithstanding section 325D.55, subdivision 2, the provisions of sections 325D.49 to 325D.66 shall apply […]
Section 47.71 — Rules.
47.71 RULES. Subdivision 1. Authorization. The commissioner may promulgate such rules as are reasonably necessary to carry out and make effective the provisions and purposes of sections 47.61 to 47.74. Subd. 2. [Deleted, 1995 c 233 art 2 s 56] History: 1978 c 469 s 11; 1980 c 486 s 1; 1982 c 424 s […]
Section 47.72 — Cease And Desist Order; Injunction; Penalties.
47.72 CEASE AND DESIST ORDER; INJUNCTION; PENALTIES. Subdivision 1. Authorization. If the commissioner determines that a person, other than a national bank, federal savings association, or federal credit union, is violating or about to violate sections 47.61 to 47.74 or any rule promulgated thereunder or is engaged or about to engage in an unsafe, unsound, […]
Section 47.73 — Hearing.
47.73 HEARING. Any person aggrieved with a cease and desist order, revocation, suspension, or denial of an application to establish an electronic financial terminal or transmission facility may request a hearing. Within seven days after receipt of a written request with respect to a cease and desist order, revocation, or suspension, or 45 days with […]
Section 47.74 — Federal Institutions; Application.
47.74 FEDERAL INSTITUTIONS; APPLICATION. The provisions of sections 47.61 to 47.74 shall apply to national banks, federal savings associations, and federal credit unions to the extent permitted by federal law. History: 1978 c 469 s 14; 1995 c 202 art 1 s 25
Section 47.75 — Limited Trusteeship.
47.75 LIMITED TRUSTEESHIP. Subdivision 1. Retirement, health savings, and medical savings accounts. (a) A commercial bank, savings bank, savings association, credit union, or industrial loan and thrift company may act as trustee or custodian: (1) under the federal Self-Employed Individuals Tax Retirement Act of 1962, as amended; (2) of a medical savings account under the […]
Section 47.76 — Required Savings Account.
47.76 REQUIRED SAVINGS ACCOUNT. A federal or state chartered financial institution, including, but not limited to, a bank, savings association, savings bank, or credit union, shall offer to a Minnesota resident a savings account to promote thrift that has no service charge or fee, if such an account has an average monthly balance of more […]
Section 47.77 — Transfer Of Accounts Prohibited; Notice On Closing.
47.77 TRANSFER OF ACCOUNTS PROHIBITED; NOTICE ON CLOSING. (a) No financial institution shall initiate a transfer of a deposit account to another deposit account bearing different identification information without sending at least 30 days’ prior notice to at least one of the deposit account holders at the last known address on file with the financial […]
Section 47.78 — Contracts To Provide Services.
47.78 CONTRACTS TO PROVIDE SERVICES. (a) Notwithstanding any other law to the contrary, a financial institution, the “customer institution,” may contract with another financial institution, the “service institution,” to grant the service institution the authority to render services to the customer institution’s depositors, borrowers or other customers, provided notice of the proposed contract is given […]
Section 47.66 — Examination.
47.66 EXAMINATION. An electronic financial terminal or a transmission facility may be examined by the commissioner to the extent permitted by law as to any financial transaction by, with, or involving a financial institution solely for the purpose of reconciling accounts and verifying the security and accuracy of such electronic financial terminals or transmission facilities, […]