License Minnesota

Electronic Funds Transmission (EFT) Facility Authorization

Electronic Funds Transfer Company exists to provide transmission services including credit/debit card, electronic benefits and other point-of-sale transactions.

Agency contact information:

Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
(651) 539-1500
(651) 539-1547(fax)
Division of Financial Institutions
(651) 539-1700
(651) 539-1548 (fax)
Contact Info: financial.commerce@state.mn.us

Website:

Money Transmitters 

Banking and Finance

License Lookup Directory


The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.

Statutes:

Minn. Stats. 47.65

Forms:

Electronic Funds Transfer Transmission Facility Authorization Application

Contact the MN Dept. of Commerce at (651) 539-1700.

 

Requirements:

Evidence of statutory requirements under Minn. Stat. § 47.65.

Further information on the application requirements contact the MN Department of Commerce at (651) 539-1700.

Fee:

Application fee - $500


Licensing surcharge to be assessed

The Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. § 16E.22.

Period of Issuance:

Perpetual until suspended or voluntarily surrendered.

Length of Determination Process:

90 days. This is a statutory time frame following receipt of a complete application.

Other Pertinent Information:

Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.