2005 Minnesota Statutes - 47.63 — Functions of an electronic financial terminal.

     47.63 Functions of an electronic financial terminal. 


    Financial transactions which may be performed by an 
 electronic financial terminal shall be limited to the 
 disbursement of funds under a preauthorized credit agreement, 
 the withdrawal of funds from a customer's account, the deposit 
 of funds in a customer's account, the receiving of cash or 
 checks, the disbursement of cash, the payment of loan payments, 
 and the transfer of funds to or from one or more accounts in one 
 or more financial institutions.  All permitted transactions must 
 be made pursuant to a preexisting contractual agreement between 
 the financial institution and an account holder.  Accounts may 
 not be opened at an electronic financial terminal located 
 separate and apart from a financial institution's principal 
 office, branch, or detached facility.  Any retailer may also 
 operate a device which is capable of performing the functions of 
 an electronic financial terminal for any internal business 
 activity of that retailer. 


    HIST: 1978 c 469 s 3; 1987 c 41 s 2