Section 47.61 — Electronic Funds Transfer Facilities; Definitions.
47.61 ELECTRONIC FUNDS TRANSFER FACILITIES; DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 47.61 to 47.74, unless the context requires otherwise, the following terms shall have the meanings given them. Subd. 2. Commissioner. “Commissioner” means the commissioner of commerce. Subd. 3. Electronic financial terminal. (a) “Electronic financial terminal” means an electronic information processing device […]
Section 47.62 — Authorization.
47.62 AUTHORIZATION. Subdivision 1. General authority. Any person may establish and maintain one or more electronic financial terminals. Any financial institution may provide for its customers the use of an electronic financial terminal by entering into an agreement with any person who has established and maintains one or more electronic financial terminals if that person […]
Section 47.63 — Functions Of An Electronic Financial Terminal.
47.63 FUNCTIONS OF AN ELECTRONIC FINANCIAL TERMINAL. Financial transactions which may be performed by an electronic financial terminal shall be limited to the disbursement of funds under a preauthorized credit agreement, the withdrawal of funds from a customer’s account, the deposit of funds in a customer’s account, the receiving of cash or checks, the disbursement […]
Section 47.64 — Operation Of An Electronic Financial Terminal.
47.64 OPERATION OF AN ELECTRONIC FINANCIAL TERMINAL. Subdivision 1. Request to use. (a) Any person establishing and maintaining an electronic financial terminal located separate and apart from a financial institution’s principal office, branch, or detached facility for use by one type of financial institution shall, upon written request, make its services available to any requesting […]
Section 47.65 — Transmission Facility.
47.65 TRANSMISSION FACILITY. Subdivision 1. Establishment. Any person may establish a transmission facility in this state upon approval by the commissioner pursuant to the provisions of this section, except that a financial institution may establish a transmission facility in this state after giving the commissioner written notice of its intent to do so, provided that […]
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, […]
Section 47.67 — Advertising.
47.67 ADVERTISING. No advertisement by a person which relates to an electronic financial terminal may be inaccurate or misleading with respect to such a terminal. Except with respect to direct mailings by financial institutions to their customers, the advertising of rate of interest paid on accounts in connection with electronic financial terminals is prohibited. History: […]
Section 47.68 — Electronic Financial Terminal Security.
47.68 ELECTRONIC FINANCIAL TERMINAL SECURITY. Every person establishing and maintaining an electronic financial terminal and every financial institution using an electronic financial terminal shall adopt and maintain safeguards to insure the safety of funds, items, and other information, which safeguards shall include security devices consistent with the appropriate requirements specified under the federal Bank Protection […]
Section 47.69 — Consumer Privacy.
47.69 CONSUMER PRIVACY. Subdivision 1. General requirements. To protect the privacy of customers using electronic financial terminals, including any supporting equipment, structures or systems, information received by or processed through such terminals, supporting equipment, structures or systems shall be treated and used only in accordance with applicable law relating to the dissemination and disclosure of […]
Section 47.58 — Reverse Mortgage Loans.
47.58 REVERSE MORTGAGE LOANS. Subdivision 1. Definitions. For the purposes of this section, the terms defined in this subdivision have the meanings given them. (a) “Reverse mortgage loan” means a loan: (1) made to a borrower wherein the committed principal amount is paid to the borrower in equal or unequal installments over a period of […]