Electronic Funds Transmission (EFT) Facility Authorization
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
Contact Info: financial.commerce @state.mn.us
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.
Minn. Stats. 47.65
Electronic Funds Transfer Transmission Facility Authorization Application
Contact the MN Dept. of Commerce at (651) 297-4867.
Evidence of statutory requirements under Minn. Stat. § 47.65.
Further information on the application requirements contact the MN Dept. of Commerce at (651) 297-4867.
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.