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
. 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
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.
History: 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