6.1-39.4:1 - (Repealed effective October 1, 2010) Electronic fund transfers; authority to utilize
§ 6.1-39.4:1. (Repealed effective October 1, 2010) Electronic fund transfers;authority to utilize.
A. A bank may establish and operate electronic, computer or similar terminalsand may otherwise provide for electronic fund transfers by its customers,provided: (i) the bank complies with the Electronic Fund Transfer Act (15U.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 orrecorded or loan proceeds disbursed, the bank files prior written notice ofthe proposal with the Commission on forms prescribed by the Commission andpays a fee not to exceed $350 per terminal.
B. The Commission shall have twenty-five days from receipt of the notice toreview the proposal. The Commission may deny the proposal on grounds that:the bank has failed to comply with federal electronic fund transfer laws orregulations, the bank lacks the resources to operate the proposed facilitiessuccessfully, or the proposal is not in the public interest. If theCommission does not issue a denial within twenty-five days, the bank mayestablish the terminal or terminals.
C. The notice required by clause (ii) of subsection A need not be given ifthe terminal is on bank premises or premises properly considered part of anauthorized office of the bank, nor shall such notice be required in the caseof any terminal which does not receive or record deposits or disburse loanproceeds. Out-of-state banks (as defined in § 6.1-44.2) may establish andoperate electronic terminals in this Commonwealth, provided (i) any such bankcomplies with all home state and federal laws applicable to such terminals,and (ii) in the case of any proposed terminal at which deposits are receivedor recorded or loan proceeds disbursed, the bank furnishes to the Commissiona copy of any notice or application filed with the bank's home statesupervisor or responsible federal banking agency, at the time such notice orapplication is filed. The Commission may promulgate regulations affectingelectronic fund transfers by banks, if it finds such regulations necessaryfor the protection of the public interest.
(1997, c. 141.)