§ 6.1-39.4:1. Electronic fund transfers; authority to utilize
A. A bank may establish and operate electronic, computer or similar terminals and may otherwise provide for electronic fund transfers by its customers, provided: (i) the bank complies with the Electronic Fund Transfer Act (15 U.S.C. § 1693, ff.) and Regulation E of the Federal Reserve Board, and (ii) in the case of any proposed terminal at which deposits are received or recorded or loan proceeds disbursed, the bank files prior written notice of the proposal with the Commission on forms prescribed by the Commission and pays a fee not to exceed $350 per terminal.
B. The Commission shall have twenty-five days from receipt of the notice to review the proposal. The Commission may deny the proposal on grounds that: the bank has failed to comply with federal electronic fund transfer laws or regulations, the bank lacks the resources to operate the proposed facilities successfully, or the proposal is not in the public interest. If the Commission does not issue a denial within twenty-five days, the bank may establish the terminal or terminals.
C. The notice required by clause (ii) of subsection A need not be given if the terminal is on bank premises or premises properly considered part of an authorized office of the bank, nor shall such notice be required in the case of any terminal which does not receive or record deposits or disburse loan proceeds. Out-of-state banks (as defined in § 6.1-44.2) may establish and operate electronic terminals in this Commonwealth, provided (i) any such bank complies with all home state and federal laws applicable to such terminals, and (ii) in the case of any proposed terminal at which deposits are received or recorded or loan proceeds disbursed, the bank furnishes to the Commission a copy of any notice or application filed with the bank's home state supervisor or responsible federal banking agency, at the time such notice or application is filed. The Commission may promulgate regulations affecting electronic fund transfers by banks, if it finds such regulations necessary for the protection of the public interest.
(1997, c. 141.)
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