2005 Minnesota Statutes

     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 that is established to do either or both of 
 the following: 

    (1) capture the data necessary to initiate financial 
 transactions; or 

    (2) through its attendant support system, store or initiate 
 the transmission of the information necessary to consummate a 
 financial transaction. 

    (b) "Electronic financial terminal" does not include: 

    (1) a telephone; 

    (2) an electronic information processing device that is 
 used internally by a financial institution to conduct the 
 business activities of the institution; 

    (3) an electronic point-of-sale terminal operated by a 
 retailer that is used to process payments for the purchase of 
 goods and services by consumers, and which also may be used to 
 obtain cash advances or cash back not to exceed $25 and only if 
 incidental to the retail sale transactions, through the use of 
 credit cards or debit cards, provided that the payment 
 transactions using debit cards are subject to the federal 
 Electronic Funds Transfer Act, United States Code, title 12, 
 sections 1693 et seq., and Regulation E of the Federal Reserve 
 Board, Code of Federal Regulations, title 12, subpart 205.2; 
 this clause does not exempt the retailer from liability for 
 negligent conduct or intentional misconduct of the operator 
 under section 47.69, subdivision 5; 

    (4) stored-value cards to only process transactions other 
 than those authorized by this section.  Stored-value cards are 
 transaction cards having magnetic stripes or computer chips that 
 enable electronic value to be added or deducted as needed; or 

    (5) a personal computer possessed by and operated 
 exclusively by the account holder. 

    Subd. 4.    Financial institution.  "Financial 
 institution" means a national banking association, federal 
 savings association, or federal credit union having its main 
 office in this state, or a bank, savings bank, savings 
 association, credit union, industrial loan and thrift company, 
 or regulated lender under chapter 56 established and operating 
 under the laws of this state.  

    Subd. 4a.    Minnesota transmission facility.  
 "Minnesota transmission facility" means:  (1) a transmission 
 facility which is owned or controlled by financial institutions 
 located in Minnesota; (2) a transmission facility owned or 
 controlled by a bank holding company or savings and loan holding 
 company if domiciled or headquartered in Minnesota; or (3) a 
 transmission facility established in Minnesota and approved by 
 the commissioner under section 47.65, subdivision 1, as of 
 August 1, 1990.  

    Subd. 5. Repealed, 1983 c 102 s 3 

    Subd. 6.    Retailer.  "Retailer" means a person 
 primarily engaged in the business of selling goods or services 
 to consumers or a person who owns or operates a mall area. 

    Subd. 7.    Transmission facility.  "Transmission 
 facility" means the electronic system which is used to forward 
 from one financial institution, its affiliate, or agent, to one 
 or more financial institutions, their affiliates, or agents, 
 financial transaction data originating from an electronic 
 financial terminal and its attendant support system. 

    HIST: 1978 c 469 s 1; 1983 c 252 s 1; 1983 c 289 s 114 subd 1; 
 1984 c 655 art 1 s 92; 1987 c 41 s 1; 1990 c 491 art 3 s 1; 1995 
 c 202 art 1 s 25; art 2 s 7; 1996 c 414 art 1 s 11; 1997 c 157 s 
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