2000 Minnesota Statutes

     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 authorizes use of the electronic financial terminal to 
 all financial institutions on a nondiscriminatory basis pursuant 
 to section 47.64.  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. 

    Subd. 2.    Approval required.  No electronic financial 
 terminal shall be established by a person other than a state or 
 federal savings association, state or federal savings bank, 
 state or federal credit union, or state bank or national banking 
 association unless the commissioner has approved the 
 establishment of the terminal. 

    Subd. 3.    Application and required findings.  
 Application for authorization shall be made in the manner 
 prescribed by rule.  The commissioner shall grant authorization 
 for the establishment of an electronic financial terminal if the 
 commissioner finds that: 

    (a) There is reason to believe that the terminal will be 
 properly and safely managed; 

    (b) The applicant is financially sound; 

    (c) The proposed charges for making the services of the 
 terminal available to financial institutions are fair, 
 equitable, and nondiscriminatory; 

    (d) The applicant has furnished all of the information 
 required by rule; 

    (e) The terminal applicant will not gain an unfair 
 competitive advantage because the terminal is not operationally 
 available to other financial institutions or their data 
 processors within a reasonable period of time. 

    If the commissioner has not denied the application within 
 45 days of its submission, the authorization shall be deemed to 
 be granted. 

    Subd. 4.    Multiple terminals.  When more than one 
 electronic financial terminal is established and maintained at a 
 single place of business by the same person, or if a person 
 wishes to make an application that encompasses more than one 
 place of business or location, a single application and fee 
 shall be sufficient.  For each application, a $100 fee shall be 
 paid to the commissioner, and for each application for a change 
 in pricing structure, a $10 fee shall be paid to the 
 commissioner.  If the $100 fee or the $10 fee is less than the 
 costs incurred by the commissioner in approving or disapproving 
 the application, the fee shall be equal to those costs. 

    Subd. 5.    Establishment by notice.  A bank, savings 
 bank, savings association, or credit union organized under the 
 laws of this state may, after completing the notification 
 procedure required by this subdivision, establish and maintain 
 one or more electronic financial terminals.  The filing must be 
 on forms provided by the commissioner.  No electronic financial 
 terminal may be established under sections 47.61 to 47.74 if 
 disallowed by order of the commissioner within 15 days of the 
 filing of a complete and acceptable notification of the intent 
 to establish an electronic financial terminal. 

    Subd. 6.    Relocation; procedure.  An application or 
 notification to relocate an existing financial terminal outside 
 a radius of three miles measured in a straight line must be 
 approved by, or a notification must be filed with, the 
 commissioner of commerce as provided for in this section. 

    HIST: 1978 c 469 s 2; 1983 c 102 s 1; 1986 c 444; 1995 c 171 s 
 25; 1995 c 202 art 1 s 8; art 2 s 8-10; 1996 c 414 art 3 s 5