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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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: […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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
