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Can you summarize MNAC 2675.8110?
FINANCIAL INSTITUTIONS > AUTHORITY, SCOPE, AND PURPOSE.
Short Summary
This document, governed by Minnesota Statutes, section 47.71, and published under the authority of the Commerce Department, specifically relates to the operation of electronic funds transfer terminals. It establishes an application procedure, minimum technical operation standards, and disclosure requirements for customers using such terminals. The purpose of this document is to inform, guide, and protect consumers, retailers, and financial institutions in the utilization of electronic financial terminal systems. It also sets out specific requirements concerning the issuance of cards, disclosures of pertinent information, and reporting of data relating to financial transactions initiated at electronic financial terminals.
Whom does it apply to?
Financial institutions, customers using electronic funds transfer terminals, retailers
What does it govern?
Operation of electronic funds transfer terminals, submission of applications for authorization, technical operation standards, disclosure of information to customers, utilization of electronic financial terminal systems, issuance of cards, disclosures of required information, reporting of data relating to financial transactions initiated at electronic financial terminals
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota