Electronic Funds Transmission (EFT) Authorization (Nonfinancial Institutes)
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 539-1548 (fax)
Contact Info: firstname.lastname@example.org
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. 47.61
Electronic Funds Transfer Transmission Facility Authorization Application
Contact the MN Dept. of Commerce at (651) 539-1700.
Further information on the application requirements contact the MN Department of Commerce at (651) 539-1700.
$100 filing fee for nonfinancial institution application which may include multiple locations.
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 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.