Ask Reggi Your Question Now
Can you summarize MNAC 2675.8120?
FINANCIAL INSTITUTIONS > APPLICATION FOR AUTHORIZATION.
Short Summary
This document outlines the requirements for obtaining authorization to establish and maintain electronic financial terminals. It applies to any person, excluding state or federal savings associations, savings banks, credit unions, state or national banks, who wishes to establish and maintain a terminal or terminals at a specific location. The application must be submitted to the commissioner at least 45 days before the establishment of the terminal(s). The application should include information such as the name and address of the controlling person, descriptive information about the terminals, details about the transactions to be performed, schedule of charges, operational information, agreements related to the terminal, security and privacy procedures, and evidence of compliance with relevant statutes. The applicant must also provide a certification under oath that all requirements will be met. No specific penalties are mentioned in this document.
Whom does it apply to?
Any person, other than specified financial institutions, seeking approval to establish and maintain a terminal or terminals at a specific location
What does it govern?
Establishment and maintenance of electronic financial terminals
What are exemptions?
State or federal savings associations, savings banks, credit unions, state or national banks
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Minnesota