License Minnesota

Electronic Funds Transmission (EFT) Authorization (Non-financial Institutes)

Minnesota Department of Commerce

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. 47.61

Rules:

Forms:

Electronic Funds Transfer Transmission Facility Authorization Application

Forms are available on the MN Dept. of Commerce website at Money Transmission or by contacting the MN Dept. of Commerce at (651) 539-1600.

Requirements:

Evidence of statutory requirements under Minn. Stats. §§ 47.62 and 47.64 and Minn. Rules.

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

Fee:

$100 filing fee for non-financial institution application which may include multiple locations.


Period of Issuance:

Perpetual until suspended or voluntarily closed or sold.

Length of Determination Process:

45 days after submission of complete application for nonfinancial institutions.

Other Pertinent Information:

Minn. Stat. § 47 .61-.74.