Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
47.63 FUNCTIONS OF AN ELECTRONIC FINANCIAL TERMINAL.
Financial transactions which may be performed by an electronic financial terminal shall be
limited to the disbursement of funds under a preauthorized credit agreement, the withdrawal of
funds from a customer's account, the deposit of funds in a customer's account, the receiving of
cash or checks, the disbursement of cash, the payment of loan payments, and the transfer of funds
to or from one or more accounts in one or more financial institutions. All permitted transactions
must be made pursuant to a preexisting contractual agreement between the financial institution
and an account holder. Accounts may not be opened at an electronic financial terminal located
separate and apart from a financial institution's principal office, branch, or detached facility. Any
retailer may also operate a device which is capable of performing the functions of an electronic
financial terminal for any internal business activity of that retailer.
History: 1978 c 469 s 3; 1987 c 41 s 2
Financial transactions which may be performed by an electronic financial terminal shall be
limited to the disbursement of funds under a preauthorized credit agreement, the withdrawal of
funds from a customer's account, the deposit of funds in a customer's account, the receiving of
cash or checks, the disbursement of cash, the payment of loan payments, and the transfer of funds
to or from one or more accounts in one or more financial institutions. All permitted transactions
must be made pursuant to a preexisting contractual agreement between the financial institution
and an account holder. Accounts may not be opened at an electronic financial terminal located
separate and apart from a financial institution's principal office, branch, or detached facility. Any
retailer may also operate a device which is capable of performing the functions of an electronic
financial terminal for any internal business activity of that retailer.
History: 1978 c 469 s 3; 1987 c 41 s 2
Official Publication of the State of Minnesota
Revisor of Statutes