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Can you summarize MNAC 2675.8160?
FINANCIAL INSTITUTIONS > CUSTOMER DISCLOSURE REQUIREMENTS.
Short Summary
This legal document, governed by the Minnesota Administrative Rules under the Commerce Department for Financial Institutions, outlines the customer disclosure requirements for financial institutions. It specifies the information that must be disclosed to customers in writing or through electronic communications when a card is issued or when cards meeting certain requirements are outstanding. The required disclosures include the types of financial transactions available, schedule of charges, restrictions or limits on transactions, frequency of sending periodic transaction statements, procedure for reporting errors, termination of the card agreement, time needed to complete transactions, reversal of transactions made through a terminal, liability for unauthorized withdrawals, civil action rights for customers, and privacy protection for electronic financial terminals. The document also mandates that all required information be printed or displayed in a specific type size. Additionally, it requires the availability of a directory listing at the terminal location to identify the financial institutions using its services.
Whom does it apply to?
Financial institutions and their customers
What does it govern?
Customer disclosure requirements for financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota