Minnesota Administrative Rules

CHAPTER 9700, CREDIT CARD DISCLOSURE REPORTS

DEPARTMENT OF MANAGEMENT AND BUDGET

9700.0100 DEFINITIONS.

Subpart 1.

Scope.

As used in this chapter, the terms defined in this part have the meanings given them.

Subp. 2.

Credit card application.

"Credit card application" has the meaning given in Minnesota Statutes, section 325G.41, subdivision 2.

Subp. 3.

Creditor.

"Creditor" has the meaning given in Minnesota Statutes, section 325G.41, subdivision 3.

Statutory Authority:

MS s 325G.415

History:

17 SR 1357

Published Electronically:

August 7, 2009

9700.0200 CREDIT CARD DISCLOSURE REPORT.

Subpart 1.

Requirement.

A creditor who distributes its own credit card application within the state of Minnesota shall complete and file the credit card disclosure report form contained in this part.

Subp. 2.

Procedures.

A creditor shall file a credit card disclosure report form with the Department of Management and Budget on December 31 of each year beginning in 1992. The information provided must be current as of January 1 of the following year.

Subp. 3.

Report form.

The following form must be used in conjunction with this chapter:

DEPARTMENT OF MANAGEMENT AND BUDGET

TREASURY DIVISION

CREDIT CARD DESK

303 ADMINISTRATION BUILDING

SAINT PAUL, MINNESOTA 55155

MINNESOTA CREDIT CARD DISCLOSURE REPORT FORM

Minnesota Statutes, section 325G.415, requires any creditor who distributes its own credit card application in Minnesota to annually file certain information regarding this credit with the commissioner of management and budget. The Minnesota Credit Card Disclosure Report Form must be filed annually with the Department of Management and Budget no later than December 31. The information contained in the report must be current as of January 1 of the following year.

INSTRUCTIONS

A.	You are not required to file this form if you merely distribute credit card applications on behalf of a creditor other than yourself.
B.	You may, but are not required to, provide the commissioner of management and budget with the name and address of any creditor for whom you distribute credit card applications. Please use the space provided on the next line. Use additional sheets if necessary.
	_
C.	Use one form for each credit card offered.
D.	Give specific dollar amounts or percentage rates charged to Minnesotans. Do not use ranges.
**************************************************************

1.	_
		Name of Creditor
2.	_
		Street and/or P.O. Address
3.	_	_	_
	City	State	Zip Code
4.	_		_
	Name of Person Preparing this Form		Phone
5.	_
		Name of Credit Card
6.	_	Amount of any membership, participation, or similar fee that may be imposed as a condition of the issuance or renewal of the credit card, expressed as an annual amount.
7.	_	Charges for exceeding credit limits.
8.	_	Amount of late payment fees.
9.	Credit Purchases	Cash Advances
	_	_	Annual Percentage Rate (A.P.R.) charged to Minnesotans.
	_	_	Is the A.P.R. a variable rate?
	_	_	If variable, identify the index used, if any.
	_	_	If variable, what is the "spread" from the index?
	_	_	Amount of any minimum, fixed, transaction, activity, or similar charge.
	_	_	The date or occasion upon which the finance charge, if any, begins to accrue on the transaction; that is, the grace period. (For example, "25 days after statement closing date").
	_	_	Is the entire credit card balance due and payable upon receipt of a periodic statement of charges?
	_	_	Amount of any fees charged other than those listed above.
10.	Set forth below any other information which you believe would clarify the information provided above: (Use additional sheets if necessary)
_
_
_
_
11.	Please attach a list of organizations through which the creditor offers credit cards in Minnesota.
_			_
Signature and Title of Creditor's Representative			Date
	MAIL FORM TO:	Department of Management and Budget Treasury Division ATTN: Credit Card Desk 303 Administration Building St. Paul, Minnesota 55155

Statutory Authority:

MS s 325G.415

History:

17 SR 1357; L 2003 c 112 art 2 s 50; L 2009 c 101 art 2 s 109

Published Electronically:

November 18, 2019

9700.0300 ELECTRONIC FILING PROCEDURES.

In lieu of filing the form referred to in the previous part, the creditor may, at the creditor's option, electronically file the information required by the form in part 9700.0200. For purposes of this part, "electronically" means:

A.

facsimile transmission of the form via commercial phone lines;

B.

computer floppy disk of the information required by the above form; or

C.

direct transmission of the information required via a modem to the computer system in the Department of Management and Budget.

Statutory Authority:

MS s 325G.415

History:

17 SR 1357; L 2003 c 112 art 2 s 50; L 2009 c 101 art 2 s 109

Published Electronically:

August 7, 2009

9700.0400 PUBLIC ACCESS TO INFORMATION FILED.

The credit card disclosure information shall be available from the Department of Management and Budget upon request subject to the provisions of Minnesota Statutes, chapter 13 (Government Data Practices).

Statutory Authority:

MS s 325G.415

History:

17 SR 1357; L 2003 c 112 art 2 s 50; L 2009 c 101 art 2 s 109

Published Electronically:

October 15, 2013