§ 6.2-832. (Effective October 1, 2010) Establishment of electronic terminals.
A. A bank may establish and operate electronic, computer, or similarterminals and may otherwise provide for electronic fund transfers by itscustomers, provided (i) the bank complies with the Electronic Fund TransferAct (15 U.S.C. § 1693 et seq.) and Regulation E of the Federal Reserve Boardand (ii) in the case of any proposed terminal at which deposits are receivedor recorded or loan proceeds disbursed, the bank files prior written noticeof the proposal with the Commission on forms prescribed by the Commission andpays a fee not to exceed $350 per terminal.
B. The Commission shall have 25 days from receipt of the notice to review theproposal. The Commission may deny the proposal on grounds that the bank hasfailed 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 notissue a denial within 25 days, the bank may establish the terminal orterminals.
C. The notice required by clause (ii) of subsection A need not be given if(i) the terminal is on bank premises or premises properly considered part ofan authorized office of the bank or (ii) the terminal does not receive orrecord deposits or disburse loan proceeds.
D. An out-of-state bank, as defined in § 6.2-836, may establish and operateelectronic terminals in the Commonwealth, provided (i) the bank complies withall home state and federal laws applicable to such terminals and (ii) in thecase of any proposed terminal at which deposits are received or recorded orloan proceeds disbursed, the bank furnishes to the Commission a copy of anynotice or application filed with the bank's home state supervisor orresponsible federal banking agency, at the time such notice or application isfiled. The Commission may adopt regulations affecting electronic fundtransfers by banks if it finds such regulations necessary for the protectionof the public interest.
§ 6.2-832. (Effective October 1, 2010) Establishment of electronic terminals.
A. A bank may establish and operate electronic, computer, or similarterminals and may otherwise provide for electronic fund transfers by itscustomers, provided (i) the bank complies with the Electronic Fund TransferAct (15 U.S.C. § 1693 et seq.) and Regulation E of the Federal Reserve Boardand (ii) in the case of any proposed terminal at which deposits are receivedor recorded or loan proceeds disbursed, the bank files prior written noticeof the proposal with the Commission on forms prescribed by the Commission andpays a fee not to exceed $350 per terminal.
B. The Commission shall have 25 days from receipt of the notice to review theproposal. The Commission may deny the proposal on grounds that the bank hasfailed 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 notissue a denial within 25 days, the bank may establish the terminal orterminals.
C. The notice required by clause (ii) of subsection A need not be given if(i) the terminal is on bank premises or premises properly considered part ofan authorized office of the bank or (ii) the terminal does not receive orrecord deposits or disburse loan proceeds.
D. An out-of-state bank, as defined in § 6.2-836, may establish and operateelectronic terminals in the Commonwealth, provided (i) the bank complies withall home state and federal laws applicable to such terminals and (ii) in thecase of any proposed terminal at which deposits are received or recorded orloan proceeds disbursed, the bank furnishes to the Commission a copy of anynotice or application filed with the bank's home state supervisor orresponsible federal banking agency, at the time such notice or application isfiled. The Commission may adopt regulations affecting electronic fundtransfers by banks if it finds such regulations necessary for the protectionof the public interest.
§ 6.2-832. (Effective October 1, 2010) Establishment of electronic terminals.
A. A bank may establish and operate electronic, computer, or similarterminals and may otherwise provide for electronic fund transfers by itscustomers, provided (i) the bank complies with the Electronic Fund TransferAct (15 U.S.C. § 1693 et seq.) and Regulation E of the Federal Reserve Boardand (ii) in the case of any proposed terminal at which deposits are receivedor recorded or loan proceeds disbursed, the bank files prior written noticeof the proposal with the Commission on forms prescribed by the Commission andpays a fee not to exceed $350 per terminal.
B. The Commission shall have 25 days from receipt of the notice to review theproposal. The Commission may deny the proposal on grounds that the bank hasfailed 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 notissue a denial within 25 days, the bank may establish the terminal orterminals.
C. The notice required by clause (ii) of subsection A need not be given if(i) the terminal is on bank premises or premises properly considered part ofan authorized office of the bank or (ii) the terminal does not receive orrecord deposits or disburse loan proceeds.
D. An out-of-state bank, as defined in § 6.2-836, may establish and operateelectronic terminals in the Commonwealth, provided (i) the bank complies withall home state and federal laws applicable to such terminals and (ii) in thecase of any proposed terminal at which deposits are received or recorded orloan proceeds disbursed, the bank furnishes to the Commission a copy of anynotice or application filed with the bank's home state supervisor orresponsible federal banking agency, at the time such notice or application isfiled. The Commission may adopt regulations affecting electronic fundtransfers by banks if it finds such regulations necessary for the protectionof the public interest.
