SF 3121

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to financial institutions; regulating electronic financial terminals, and the
expenses of organizing and incorporating banks; amending Minnesota Statutes
2004, section 47.62, subdivision 1; repealing Minnesota Statutes 2004, sections
46.043; 47.62, subdivision 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 47.62, subdivision 1, is amended to read:

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 authorizes use of the electronic financial terminal to all financial institutions
on a nondiscriminatory basis pursuant to section 47.64. deleted text begin Electronic financial terminals to
be established and maintained in this state by financial institutions located in states other
than Minnesota must file a notification to the commissioner as required in this section.
The notification may be in the form lawfully required by the state regulator responsible
for the examination and supervision of that financial institution. If there is no such
requirement, then notification must be in the form required by this section for Minnesota
financial institutions.
deleted text end

Sec. 2. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2004, sections 46.043; and 47.62, subdivision 5, new text end new text begin are repealed.
new text end