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) 539-1600 | (800) 857-3602
Division of Financial Institutions
(651) 539-1600
Contact Info: financial.commerce@state.mn.us

Website:

Minnesota Department of Commerce

Money Transmission  

Financial Institutions

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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:

Contact the MN Dept. of Commerce at (651) 539-1600.

 

Requirements:

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

Review the MN Dept. of Commerce website,  Money Transmission  section, under the ATM tab.

Fee:

Application fee - $500


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.