Automated Teller Machines (electronic financial terminals) that are owned by an individual and are not associated with a state or federally chartered institution must apply for an authorization. See MS 47.61 - 64 and Minnesota Rules, Part 2675.8100 to 8190. The application includes a $100 one-time fee. Specific information and documentation required by law or rule include:
Location and description of the machine, its technical operating standards and systems employed to safeguard the customers' account information and prevent unauthorized use.
Types of transactions to be available which are normally limited by the agreements to cash withdrawal and balance inquiry.
Who has control over the equipment, including servicing agreements.
Evidence of financial soundness and responsibility of the person controlling the machine. This can take the form of:
A Bond for Ownership of Electronic Financial Terminal in the amount of $5,000 per ATM; or
A certificate of deposit in the amount of $5,000 per ATM which may be pledged or assigned to the Commissioner of Commerce; or
A current business financial statement for the owner of the ATM.
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If you have any questions about the application process or license requirements call 651-539-1600 or email email@example.com.