skip to content
photo of card catalog - no text

Find a license in the A-Z Index

1. Refine the topic list by letter


2. Select a topic to view their list of licenses

Title: Electronic Financial Terminal (EFT) License / Branch
Alternate Title:
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
Subject: ATMs
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:
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:
Agency Address:
85 7th Place East, Suite 500

St. Paul
Division Name: Division of Financial Institutions
Division URL:
Division Description:
Division Phone: 651-539-1600
Division Fax: Division URL:
Audience: Hold Application URL:
Renewal URL:
Versa URL:

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.

Registration Requirements
  • The steps to apply for electronic financial terminals (aka ATMs) are outlined at NMLS 

Requirements Checklist
Electronic Financial Terminal Branch License
Requirements Checklists

Rules: 2675.8100 - .8190

Statutes: 47.61


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.
Other Info:
Activity: Banking
License Detail URL:

Money Transmission

License Lookup Directory

Minnesota Department of Commerce

back to top