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Can you summarize MNST 47.69?
FINANCIAL CORPORATIONS > CONSUMER PRIVACY.
Short Summary
This legal document governs the privacy of customers using electronic financial terminals. It applies to persons establishing and maintaining electronic financial terminals, as well as financial institutions using such terminals. The document requires the treatment and use of information received or processed through these terminals to be in accordance with applicable laws on dissemination and disclosure. It also mandates the restriction of information disclosure to what is necessary for completing transactions and safeguarding customer information. The commissioner has the authority to require consumer protection policies from operators, including protection against wrongful and unnecessary disclosure of confidential information. Financial institutions using electronic financial terminals must maintain reasonable procedures to minimize losses from unauthorized withdrawals. The liability for unauthorized withdrawals is on the financial institution, except in cases of loss or theft of the customer’s machine-readable card, where the customer may be liable up to a maximum of $50. The document also prohibits the use of Social Security numbers as personal identification numbers or activation codes for electronic financial terminals. Customers have remedies to bring civil actions against violators, with potential damages, punitive damages, court costs, and attorneys’ fees. Financial institutions may also be held liable for the negligent conduct or intentional misconduct of operators or persons maintaining electronic financial terminals. Additionally, financial institutions must provide transaction receipts and transaction statements to customers.
Whom does it apply to?
Persons establishing and maintaining electronic financial terminals, financial institutions using electronic financial terminals
What does it govern?
Privacy of customers using electronic financial terminals
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability for unauthorized withdrawals, with a maximum liability of $50 for customers in case of loss or theft of machine-readable card
Jurisdiction
Minnesota