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Second Substitute H.B. 5





Sponsor: Fred R. Hunsaker

13    DATE.
14    This act affects sections of Utah Code Annotated 1953 as follows:
15    AMENDS:
16         7-1-103, as last amended by Chapter 182, Laws of Utah 1996
17         7-7-21, as last amended by Chapter 200, Laws of Utah 1994
18    ENACTS:
19         7-16a-101, Utah Code Annotated 1953
20         7-16a-102, Utah Code Annotated 1953
21         7-16a-103, Utah Code Annotated 1953
22         7-16a-201, Utah Code Annotated 1953
23         7-16a-202, Utah Code Annotated 1953
24         7-16a-203, Utah Code Annotated 1953
25         7-16a-204, Utah Code Annotated 1953
26    REPEALS:
27         7-16-2, as last amended by Chapter 244, Laws of Utah 1985

1         7-16-3, as enacted by Chapter 7, Laws of Utah 1979
2         7-16-9, as last amended by Chapter 148, Laws of Utah 1992
3         7-16-10, as last amended by Chapter 20, Laws of Utah 1995
4         7-16-19, as last amended by Chapter 200, Laws of Utah 1994
5    Be it enacted by the Legislature of the state of Utah:
6        Section 1. Section 7-1-103 is amended to read:
7         7-1-103. Definitions.
8        As used in this title:
9        (1) (a) "Bank" means a person authorized under the laws of this state, another state, or the
10    United States to accept deposits from the public.
11        (b) "Bank" does not include:
12        (i) a federal savings and loan association or federal savings bank[,];
13        (ii) a savings and loan association or savings bank subject to Chapter 7[,];
14        (iii) an industrial loan corporation subject to Chapter 8[,];
15        (iv) a federally chartered credit union[,]; or
16        (v) a credit union subject to Chapter 9.
17        (2) "Banking business" means the offering of deposit accounts to the public and the
18    conduct of such other business activities as may be authorized by this title.
19        (3) (a) "Branch" means a place of business of a financial institution, other than its main
20    office, at which deposits are received and paid.
21        (b) "Branch" does not include:
22        (i) [a consumer funds transfer facility] an automated teller machine, as defined in Section
23    [7-16-2] 7-16a-102;
24        (ii) a point-of-sale terminal, as defined in Section 7-16a-102; or
25        [(ii)] (iii) a loan production office under Section 7-1-715.
26        (4) "Commissioner" means the Commissioner of Financial Institutions.
27        (5) "Control" means the power, directly or indirectly, to:
28        (a) direct or exercise a controlling influence over the management or policies of a financial
29    institution, or over the election of a majority of the directors or trustees of an institution;
30        (b) vote 20% or more of any class of voting securities of a financial institution by an
31    individual; or

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1        (c) vote more than 5% of any class of voting securities of a financial institution by a
2    person other than an individual.
3        (6) "Credit union" means a cooperative, nonprofit association incorporated under:
4        (a) Chapter 9[,]; or [under]
5        (b) 12 U.S.C. Sec. 1751 et seq., Federal Credit Union Act, as amended.
6        (7) "Department" means the Department of Financial Institutions.
7        (8) "Depository institution" means a bank, savings and loan association, savings bank,
8    industrial loan corporation, credit union, or other institution that holds or receives deposits,
9    savings, or share accounts, or issues certificates of deposit, or provides to its customers other
10    depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by
11    electronic means to effect third party payments.
12        (9) (a) "Depository institution holding company" means:
13        (i) a person other than an individual that has control over any depository institution or that
14    becomes a holding company of a depository institution under Section 7-1-703; or
15        (ii) a person other than an individual that the commissioner finds, after considering the
16    specific circumstances, is exercising or is capable of exercising a controlling influence over a
17    depository institution by means other than those specifically described in this section.
18        (b) Except as provided in Section 7-1-703, a person is not a depository institution holding
19    company solely because it owns or controls shares acquired in securing or collecting a debt
20    previously contracted in good faith.
21        (10) "Financial institution" means any institution subject to the jurisdiction of the
22    department because of this title.
23        (11) (a) "Financial institution holding company" means a person, other than an individual
24    that has control over any financial institution or any person that becomes a financial institution
25    holding company under this chapter, including an out-of-state or foreign depository institution
26    holding company.
27        (b) Ownership of a service corporation or service organization by a depository institution
28    does not make that institution a financial institution holding company.
29        (c) A person holding 5% or less of the voting securities of a financial institution is
30    rebuttably presumed not to have control of the institution.
31        (d) A trust company is not a holding company solely because it owns or holds 20% or

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1    more of the voting securities of a financial institution in a fiduciary capacity, unless the trust
2    company exercises a controlling influence over the management or policies of the financial
3    institution.
4        (12) "Foreign depository institution" means a depository institution chartered or authorized
5    to transact business by a foreign government.
6        (13) "Foreign depository institution holding company" means the holding company of a
7    foreign depository institution.
8        (14) "Home state" means:
9        (a) for a state chartered depository institution, the state that charters the institution;
10        (b) for a federally chartered depository institution, the state where the institution's main
11    office is located; and
12        (c) for a depository institution holding company, the state in which the total deposits of
13    all depository institution subsidiaries are the largest.
14        (15) "Host state" means:
15        (a) for a depository institution, a state, other than the institution's home state, where the
16    institution maintains or seeks to establish a branch; and
17        (b) for a depository institution holding company, a state, other than the depository
18    institution holding company's home state, where the depository institution holding company
19    controls or seeks to control a depository institution subsidiary.
20        (16) "Industrial loan corporation" means a corporation or other business entity conducting
21    the business of an industrial loan corporation under Chapter 8.
22        (17) "Insolvent" means the status of a financial institution that is unable to meet its
23    obligations as they mature.
24        (18) "Institution" means a corporation, limited liability company, partnership, trust,
25    association, joint venture, pool, syndicate, unincorporated organization, or any form of business
26    entity.
27        (19) "Institution subject to the jurisdiction of the department" means an institution or other
28    person described in Section 7-1-501.
29        (20) "Liquidation" means the act or process of winding up the affairs of an institution
30    subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and
31    appropriating profit or loss, as provided in Chapters 2 and 19.

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1        (21) "Liquidator" means a person, agency, or instrumentality of this state or the United
2    States appointed to conduct a liquidation.
3        (22) (a) "Member of a savings and loan association" means:
4        (i) a person holding a savings account of a mutual association;
5        (ii) a person borrowing from, assuming, or becoming obligated upon a loan or an interest
6    in a loan held by a mutual association; or
7        (iii) any person or class of persons granted membership rights by the articles of
8    incorporation or the bylaws of an association.
9        (b) A joint and survivorship or other multiple owner or borrower relationship constitutes
10    a single membership.
11        (23) "Negotiable order of withdrawal" means a draft drawn on a NOW account.
12        (24) (a) "NOW account" means a savings account from which the owner may make
13    withdrawals by negotiable or transferable instruments for the purpose of making transfers to third
14    parties.
15        (b) A NOW account is not a demand deposit. Neither the owner of a NOW account nor
16    any third party holder of an instrument requesting withdrawal from the account has a legal right
17    to make withdrawal on demand.
18        (25) "Out-of-state" means, in reference to a depository institution or depository institution
19    holding company, an institution or company whose home state is not Utah.
20        (26) "Person" means an individual, corporation, limited liability company, partnership,
21    trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization,
22    or any form of business entity.
23        (27) "Receiver" means a person, agency, or instrumentality of this state or the United
24    States appointed to administer and manage an institution subject to the jurisdiction of the
25    department in receivership, as provided in Chapters 2 and 19.
26        (28) "Receivership" means the administration and management of the affairs of an
27    institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose
28    of the assets, liabilities, and revenues of an institution in possession, as provided in Chapters 2 and
29    19.
30        (29) "Savings account" means any deposit or other account at a depository institution that
31    is not a transaction account.

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1        (30) "Savings and loan association" means a mutual or capital stock savings association,
2    a savings and loan association, a mutual or capital stock savings bank, or a building and loan
3    association subject to this title, including all federal associations and all out-of-state associations,
4    as defined in Section 7-7-2.
5        (31) "Service corporation" or "service organization" means a corporation or other business
6    entity owned or controlled by one or more financial institutions that is engaged or proposes to
7    engage in business activities related to the business of financial institutions.
8        (32) "State" means, unless the context demands otherwise, a state, the District of
9    Columbia, or the territories of the United States.
10        (33) "Subsidiary" means a business entity under the control of an institution.
11        (34) (a) "Transaction account" means a deposit, account, or other contractual arrangement
12    in which a depositor, account holder, or other customer is permitted, directly or indirectly, to make
13    withdrawals by check or other negotiable or transferable instrument, by payment order of
14    withdrawal, by telephone transfer, by other electronic means, or by any other means or device for
15    the purpose of making payments or transfers to third persons. [This term]
16        (b) "Transaction account" includes:
17        (i) demand deposits[,];
18        (ii) NOW accounts[,];
19        (iii) savings deposits subject to automatic transfers[,]; and
20        (iv) share draft accounts.
21        (35) "Trust company" means a person authorized to conduct a trust business, as provided
22    in Chapter 5.
23        (36) "Utah depository institution" means a depository institution whose home state is Utah.
24        (37) "Utah depository institution holding company" means a depository institution holding
25    company whose home state is Utah.
26        Section 2. Section 7-7-21 is amended to read:
27         7-7-21. Powers of associations.
28        (1) Every association incorporated or operating under the provisions of this chapter shall
29    have all the powers enumerated, authorized, and permitted by this chapter and such other rights,
30    privileges, and powers as may be incidental to or reasonably necessary or appropriate for the
31    accomplishment of the objects and purposes of the association.

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1        (2) Among others, and except as otherwise limited by the provisions of this chapter, every
2    association shall have the following powers:
3        (a) to have perpetual existence, to adopt and use a corporate seal, which may be affixed
4    by imprint, facsimile, or otherwise; and to adopt and amend bylaws as provided in this chapter;
5        (b) to sue, be sued, complain, and defend in any court;
6        (c) (i) to acquire, hold, sell, dispose of, and convey real and personal estate consistent with
7    the association's objects and powers[,];
8        (ii) to mortgage, pledge, or lease any real or personal estate[,]; and
9        (iii) to take property by gift, devise, or bequest;
10        (d) if and when an association is not a member of a federal home loan bank, to borrow
11    from sources, individual or corporate, in addition to its savings liability and other accounts, not
12    more than an aggregate amount equal to 25% of its assets on the date of borrowing. If and when
13    an association is a member of a federal home loan bank, to borrow from sources, individual or
14    corporate, in addition to its savings liability and other accounts, not more than an aggregate
15    amount equal to 60% of its assets on the date of borrowing or a greater amount approved by the
16    commissioner to insure parity between state chartered savings and loan associations and federal
17    associations. It is not a violation of this section if the borrowing limits are exceeded because of
18    a subsequent reduction in assets of an association. Any association may borrow such additional
19    sums as the commissioner may approve in writing. All such loans and advances may be secured
20    by property of the association, may be made with convertible features, and may be evidenced by
21    such notes, bonds, debentures, commercial paper, bankers' acceptances, or other obligations or
22    securities (except capital stock and capital certificates) as may be generally authorized by the
23    commissioner, except that no authorization shall be required for securities guaranteed under
24    Section 306(g) of the National Housing Act of 1934;
25        (e) to issue and sell, directly or through underwriters, capital certificates containing a
26    stated maturity date which represent nonwithdrawable capital contributions, and constitute part of
27    the reserves and net worth of the association. These certificates shall have no voting rights, shall
28    be subordinate to all savings accounts, debt obligations, and claims of creditors of the association
29    and shall constitute a claim in liquidation against any reserves, surplus, and other net worth
30    accounts remaining after the payment in full of all savings accounts, debt obligations, and claims
31    of creditors. The capital certificates shall be entitled to the payment of earnings prior to the

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1    allocation of any income to surplus or other net worth accounts of the association and may be
2    issued with a fixed rate of earnings or with a prior claim to distribution of a specified percentage
3    of any net income remaining after required allocations to reserves, or a combination thereof.
4    Losses shall be charged against capital certificates only after reserves, surplus, and other net worth
5    accounts have been exhausted;
6        (f) (i) to appoint and remove such officers, agents, and employees as its business shall
7    require and to provide them suitable compensation;
8        (ii) to enter into employment contracts not to exceed ten years without the consent of the
9    supervisor;
10        (iii) to provide for life, health, and casualty insurance for officers and employees[, and];
11        (iv) to adopt and operate reasonable bonus and incentive plans and retirement benefits for
12    those officers and employees; and
13        (v) to provide for indemnification of its officers, employees, and directors as required or
14    permitted in this chapter, whether by insurance or otherwise;
15        (g) to obtain and maintain insurance of its deposits by the Federal Deposit Insurance
16    Corporation or other federal deposit insurance agency;
17        (h) to qualify as and become a member of any federal home loan bank;
18        (i) (i) to act as fiscal agent of the United States, and, when so designated by the Secretary
19    of the Treasury, to perform, under such regulations as [he] the Secretary of the Treasury may
20    prescribe, all such reasonable duties as fiscal agent of the United States as [he] the Secretary of the
21    Treasury may require; and
22        (ii) to act as agent for any instrumentality of the United States; and when so designated
23    by the state treasurer or other appropriate state officer, to act as agent of [this] that state or any
24    instrumentality [thereof] of that state;
25        (j) to become a member of, deal with, maintain reserves or deposits with, or make
26    reasonable payments or contributions to any organization or instrumentality, government or
27    private, to the extent that the organization or instrumentality assists in furthering or facilitating the
28    association's purposes, powers, services, or community responsibilities, and to comply with any
29    reasonable requirements or conditions of eligibility;
30        (k) to act as depository for receipt of payments of federal or state taxes and loan funds, and
31    satisfy any federal or state statutory or regulatory requirements in connection therewith, including:

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1        (i) pledging of assets as collateral[,];
2        (ii) payment of earnings at prescribed rates[,]; and[,]
3        (iii) notwithstanding any other provision of this chapter, issuing the account subject to
4    rights of immediate withdrawal;
5        (l) to sell or assign any loan, including any participating interest therein, at any time;
6        (m) to service loans and investments for others;
7        (n) to act and receive compensation as trustee of any trust created or organized in the
8    United States and forming a part of a stock bonus, pension, or profit-sharing plan which qualifies
9    or qualified for specific tax treatment under Section 401 of the Internal Revenue Code of 1986,
10    and to act as trustee or custodian of an individual retirement account within the meaning of Section
11    408 of that code. All funds held in fiduciary capacity by any such association under the authority
12    of this subsection may be commingled and consolidated for appropriate purposes of investment,
13    so long as records reflecting each separate beneficial interest are maintained by the fiduciary,
14    unless that responsibility is lawfully assumed by another appropriate party;
15        (o) to act as assignee, agent, receiver, trustee, executor, administrator, conservator,
16    guardian, custodian, personal representative, or in any other fiduciary capacity, and to execute
17    trusts of every description not inconsistent with law, and to receive reasonable compensation
18    therefor. An association exercising trust or other fiduciary powers under this subsection shall have
19    all powers, privileges, and immunities granted in Chapter 5. Funds held by an association as
20    fiduciary under this subsection may be commingled and consolidated for appropriate purposes of
21    investment, provided that records reflecting the separate interest of each beneficiary shall be
22    maintained by the fiduciary, unless that responsibility is lawfully assumed by another appropriate
23    party. Trust funds available for investment shall be invested at the time and in the manner
24    specified by the agreement, instrument, or order creating or defining the fiduciary estate, but may
25    be invested in savings accounts of the associations, unless the instrument, agreement, or order
26    prohibits such investment;
27        (p) subject to [the provisions of the Consumer Funds Transfer Facilities Act, Sections
28    7-16-2, 7-16-3, 7-16-9, and 7-16-10] Chapter 16a, Automated Teller Machine Act, to engage in
29    financial transactions effected by electronic means;
30        (q) to maintain and let safes, boxes, or other receptacles or premises for the safekeeping
31    of personal property upon such terms and conditions as may be agreed upon;

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1        (r) to offer money orders, travel checks, and similar instruments for its own account or as
2    agent for any organization empowered to sell such instruments through agents within this state;
3        (s) to act as agent or escrowee for others;
4        (t) to declare and pay dividends on capital stock in cash or property out of the unreserved
5    and unrestricted earned surplus of the association, or in its own shares, from time to time, except
6    when there is a deficiency in the reserves or net worth of the association under rules issued by the
7    commissioner under Section 7-7-20, and except when the association is in an impaired condition
8    or when the payment thereof would cause the association to be in an impaired condition. A
9    split-up or division of the issued shares of capital stock into a greater number of shares without
10    increasing the stated capital of the association is authorized, and shall not be construed to be a
11    dividend within the meaning of this section;
12        (u) to acquire deposits from any individual or entity and pay earnings thereon, to offer
13    interest bearing or noninterest bearing accounts from which withdrawals may be made by
14    negotiable or transferable instruments for the purpose of making transfers to third parties, and to
15    lend, and commit to lend, extend credit, and invest its funds as provided for in this chapter; and
16        (v) to engage in other activities, exercise other powers and to enjoy other rights, privileges,
17    benefits, and immunities authorized by rules of the commissioner and, particularly, under the
18    authority given to the commissioner in Subsection 7-1-301(3), which authority shall be exercised
19    to prevent competitive disparities between associations chartered in this state and federal
20    associations.
21        Section 3. Section 7-16a-101 is enacted to read:

Part 1. General Provisions

24         7-16a-101. Title.
25        This chapter is known as the "Automated Teller Machine Act."
26        Section 4. Section 7-16a-102 is enacted to read:
27         7-16a-102. Definitions.
28        As used in this chapter:
29        (1) "Automated teller machine" means an electronic information processing device that:
30        (a) is readily accessible to the general public; and
31        (b) on behalf of an issuer:

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1        (i) dispenses currency or coin; or
2        (ii) accepts deposits or payments.
3        (2) "Customer" means a user of a device for access.
4        (3) "Device for access" means a card, code, or other means of access to a customer's
5    account, or any combination of these, that may be used to deposit or withdraw cash through an
6    automated teller machine.
7        (4) "Electronic information processing device" means equipment activated by a device for
8    access that transmits electronic impulses to a depository institution on a real-time or delayed-time
9    basis.
10        (5) "Issuer" means:
11        (a) a depository institution that issues a device for access, whether or not the depository
12    institution is an operator; or
13        (b) a state or federal governmental agency that issues a device for access that allows a
14    person to receive benefits from or through the state or federal governmental agency.
15        (6) "Point-of-sale terminal" means an electronic information processing device controlled
16    by or accessible to a merchant or other provider of goods or services that authorizes:
17        (a) in payment for goods or services, a debit or credit to a customer's account at:
18        (i) a depository institution; or
19        (ii) a state or federal governmental agency; and
20        (b) the merchant or other provider of goods or services to dispense currency or coin to a
21    customer.
22        (7) "Operator" means an institution that:
23        (a) (i) is a depository institution;
24        (ii) is a depository institution holding company; or
25        (iii) is an institution directly or indirectly owned or controlled by one or more depository
26    institutions or depository institution holding companies; and
27        (b) owns or contracts with an owner of an automated teller machine to operate the
28    automated teller machine.
29        Section 5. Section 7-16a-103 is enacted to read:
30         7-16a-103. Application of chapter.
31        (1) This chapter does not:

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1        (a) authorize a depository institution, or any other person, to engage in any transaction not
2    otherwise specifically permitted by applicable law; or
3        (b) apply to the use of any device capable of transmitting electronic impulses that is not
4    readily accessible to the general public for the primary purpose of initiating transactions with
5    depository institutions.
6        (2) Use of an automated teller machine to effect a transaction is only an additional means
7    of effecting the transaction and this chapter does not limit or enlarge the rights of persons under
8    state or federal statute or under any rules or regulations made under those statutes that govern
9    credit or deposit account relationships.
10        Section 6. Section 7-16a-201 is enacted to read:
Part 2. Authority, Powers, Contractual Waiver, and Notification Requirements

12         7-16a-201. Authority to operate an automated teller machine.
13        An automated teller machine located in this state shall be operated only by:
14        (1) a depository institution;
15        (2) a depository institution holding company; or
16        (3) an institution directly or indirectly owned or controlled by one or more depository
17    institutions or depository institution holding companies.
18        Section 7. Section 7-16a-202 is enacted to read:
19         7-16a-202. Powers of depository institutions operating automated teller machines.
20        (1) An operator may:
21        (a) make an automated teller machine available for use by customers of one or more
22    issuers;
23        (b) connect the automated teller machine with an electronic consumer funds transfer
24    system connecting one or more depository institutions to one or more automated teller machines;
25    and
26        (c) impose a transaction fee for the use of the automated teller machine, if the imposition
27    of the fee is disclosed at a time and in a manner that allows a user to terminate or cancel the
28    transaction without incurring the transaction fee.
29        (2) Except for the dispensing of currency or coin or accepting deposits or payments, any
30    service provided by an operator to a customer at the automated teller machine is not governed by
31    this chapter.

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1        (3) The transaction fee permitted in Subsection (1)(c) may be in addition to any other
2    charges imposed by any of the following entities involved in the transaction:
3        (a) an electronic consumer funds transfer system;
4        (b) a depository institution; or
5        (c) an issuer.
6        (4) Any of the following entities may charge any or all customers any transaction fee
7    allowed or not prohibited by state or federal law:
8        (a) a depository institution;
9        (b) an owner;
10        (c) an operator;
11        (d) an issuer; or
12        (e) an electronic consumer funds transfer system.
13        Section 8. Section 7-16a-203 is enacted to read:
14         7-16a-203. Contractual waiver of Uniform Commercial Code provisions.
15        (1) (a) Subject to Subsections (1)(b) and (2), if the application of Title 70A, Uniform
16    Commercial Code, is inconsistent with the operation of an automated teller machine, a
17    point-of-sale terminal, or both, the requirements of Title 70A, Uniform Commercial Code, may
18    be varied by contractual agreement of any:
19        (i) depository institution;
20        (ii) switching facility; or
21        (iii) clearing house as defined by Section 70A-4-104.
22        (b) A contractual agreement under Subsection (1)(a) may not disclaim responsibility for
23    or limit the measure of damages for a depository institution's, switching facility's, or clearing
24    house's:
25        (i) lack of good faith; or
26        (ii) failure to exercise ordinary care.
27        (2) Notwithstanding Subsection (1)(a), the commissioner may, after notice and hearing,
28    require rescission or modification of any provision of a contractual agreement permitted by
29    Subsection (1)(a) if:
30        (a) that provision relates to the rights and obligations of:
31        (i) account holders of depository institutions;

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1        (ii) merchants;
2        (iii) merchant customers; or
3        (iv) others using or having access to automated teller machines, point-of-sale terminals,
4    or both; and
5        (b) the commissioner finds the provision is unconscionable or contrary to the public
6    interest.
7        Section 9. Section 7-16a-204 is enacted to read:
8         7-16a-204. Department notification requirements.
9        (1) (a) Except as provided in Subsection (3), an operator may not operate, relocate, or
10    discontinue operating an automated teller machine unless the operator provides notice to the
11    department in accordance with this section.
12        (b) An operator may operate, relocate, or discontinue operating an automated teller
13    machine 30 days from the day the department accepts the notice filed under this section as
14    complete.
15        (c) No later than 30 days before operating, relocating, or discontinuing the operation of
16    an automated teller machine located in this state, the operator shall notify the department of the
17    intent to operate, relocate, or discontinue the operation of the automated teller machine.
18        (d) The notice required under Subsection (1)(a) shall state:
19        (i) if operating or relocating an automated teller machine:
20        (A) the proposed location of the automated teller machine:
21        (B) whether the proposed location is permanent or temporary; and
22        (C) the period the automated teller machine will be at the proposed location, if the location
23    is temporary; and
24        (ii) any information requested on a form prescribed by the department.
25        (e) The department may not require the operator to pay a fee for filing the notice required
26    under this Subsection (1).
27        (2) The failure to provide notice to the department as required in Subsection (1) is a
28    violation against which the commissioner may exercise the general enforcement powers set forth
29    in Subsection 7-1-320.
30        (3) This section does not apply to automated teller machines located at the main office or
31    at a branch of a depository institution authorized to transact business in this state.

Text Box

Amend on 2_goldenrod February 13, 1997

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1        Section 10. Repealer.
2        This act repeals:
3        Section 7-16-2, Definitions.
4        Section 7-16-3, Application of act -- Restrictions on use of facilities.
5        Section 7-16-9, Powers of financial institutions establishing or sharing consumer funds
6     transfer facilities.
7        Section 7-16-10, Contractual waiver of Uniform Commercial Code provisions.
8        Section 7-16-19, Installation and operation of automated teller machine -- Notice --
9     Approval or disapproval -- Restrictions.
10        Section 11. Effective date.
11        This act takes effect on July 1, 1997.

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