Subdivision 1.Scope.

For purposes of sections 325G.02 to 325G.04 the terms defined in this section shall have meanings given them.

Subd. 2.Financial transaction card.

Terms Used In Minnesota Statutes 325G.02

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44

“Financial transaction card” means an instrument or device, whether known as a credit card, credit plate, charge plate, courtesy card, bank services card, banking card, check guarantee card, debit card, or by any other name issued with or without fee by an issuer for the use of the holder to obtain credit, money, goods, services, or anything else of value, but does not mean a telephone company credit card.

Subd. 3.Person.

“Person” includes an individual or family, and in the absence of agreement to the contrary, a partnership, association, corporation or other legal or commercial entity.

Subd. 4.Issuer.

“Issuer” means a person or firm or its duly authorized agent, that issues a financial transaction card.