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5 AN ACT RELATING TO FINANCIAL INSTITUTIONS; AMENDING DEFINITIONS; AND
6 MAKING TECHNICAL CORRECTIONS.
7 This act affects sections of Utah Code Annotated 1953 as follows:
9 7-16-2, as last amended by Chapter 244, Laws of Utah 1985
10 Be it enacted by the Legislature of the state of Utah:
11 Section 1. Section 7-16-2 is amended to read:
12 7-16-2. Definitions.
13 As used in this chapter:
14 (1) "Automated teller machine" means an [
15 information processing device[
19 (a) is readily accessible to the general public; and
20 (b) on behalf of an issuer:
21 (i) dispenses currency or coin; or
22 (ii) accepts deposits or payments.
24 (i) an automated teller machine[
25 (ii) a point-of-sale terminal, including any supporting equipment, structures, or systems.
26 (b) A point-of-sale terminal owned or operated by and on the premises of a person
27 primarily engaged in the business of selling or leasing goods or non-financial services and capable
1 of performing the functions of a consumer funds transfer facility, is not [
2 consumer funds transfer facility unless connected on-line or off-line to a financial institution for
3 the purpose of performing financial transactions.
5 shares or more than 50% of the shares voted for the election of directors at the preceding election.
6 (4) "Device for access" means a card, code, or other means of access to a customer's
7 account, or any combination of these, that is used to deposit or withdraw cash through an
8 automated teller machine. "Device for access" includes an access device as defined in Federal
9 Reserve Board Regulation E, 12 C.F.R. Part 205, 1995, adopted under the Electronic Fund
10 Transfer Act, 15 U.S.C. 1601 et seq.
12 (a) cash withdrawals[
13 (b) deposits[
14 (c) account transfers[
15 (d) payments from deposit, loan, or thrift accounts[
16 (e) disbursements under a preauthorized credit agreement[
17 (f) loan payments [
18 (g) other similar transactions initiated by an account holder.
19 (6) "Issuer" means:
20 (a) a depository institution authorized to do business in this state that issues a device for
21 access; or
22 (b) a state or federal government agency that issues a device for access that allows a person
23 to receive benefits from or through the state or federal governmental agency.
25 or non-financial services.
27 processing device[
6 point of sale that is controlled by or used by the merchant or other provider of goods or services
8 (a) authorizes a debit or credit in payment for goods or services to a customer's account
10 (i) a depository institution; or
11 (ii) a state or federal governmental agency; or
12 (b) authorizes the merchant or other provider of goods or services to dispense currency or
13 coin to a customer who uses a device for access issued by a state or federal governmental agency.
Legislative Review Note
as of 10-31-96 9:06 AM
A limited legal review of this bill raises no obvious constitutional or statutory concerns.
Office of Legislative Research and General Counsel
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