Title: Electronic Financial Terminal (EFT) License / Branch
Description: License is required of any person who establishes and maintains one or more electronic financial terminals pursuant to Minn. Stat. § 47
.61 - .74 and Minn. Rules 2675
.8100 - .8190. Persons exempt from the licensing requirements include a state or federal savings association, state or federal savings bank, state or federal credit union, or state bank or national banking association.Minnesota Department of Commerce
Creation Date: 9/11/2008 2:12:42 PM
Modification Date: 12/19/2019 2:01:45 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: 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.
Agency Phone: 651-539-1600
Agency Fax: Agency URL: https://mn.gov/commerce/
85 7th Place East, Suite 500
Division Name: Division of Financial Institutions
Division Phone: 651-539-1600
Division Fax: Division URL:
Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Automated Teller Machines (electronic financial terminals) that are owned by an individual and are not associated with a state or federally chartered institution must apply for an authorization.
See Minn. Stat. § 47.61 and Minn. Rules Part 2675.8100-8190. Specific information and documentation required by law or rule include:
- Location and description of the machine, its technical operating standards and systems employed to safeguard the customers' account information and prevent unauthorized use.
- Types of transactions to be available which are normally limited by the agreements to cash withdrawal and balance inquiry.
- Who has control over the equipment, including servicing agreements.
- Evidence of financial soundness and responsibility of the person controlling the machine. This can take the form of:
- A Bond for Ownership of Electronic Financial Terminal in the amount of $5,000 per ATM; or
- A certificate of deposit in the amount of $5,000 per ATM which may be pledged or assigned to the Commissioner of Commerce; or
- A current business financial statement for the owner of the ATM.
- The steps to apply for electronic financial terminals (aka ATMs) are outlined at NMLS
Electronic Financial Terminal Branch License
Rules: 2675.8100 - .8190
Go to NMLS
$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: 45 days after submission of complete application for nonfinancial institutions.
License Detail URL:
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