2550

LAWS OF MARYLAND

[Ch. 515

(II) AN INSTRUCTION TO RECEIVE OR
TRANSFER FUNDS INTO THE CUSTOMER'S ACCOUNT OR TO TRANSFER
FUNDS FROM THE CUSTOMER'S ACCOUNT INTO AN ACCOUNT
MAINTAINED IN THE BANKING INSTITUTION BY SOME OTHER
CUSTOMER.

(2) THE ELECTRONIC DEVICE OR MACHINE MAY
RECEIVE OR DISPENSE CASH IN ACCORDANCE WITH SUCH REQUEST
OR INSTRUCTION.

(B)     ALL TRANSACTIONS INITIATED THROUGH THE
ELECTRONIC DEVICE OR MACHINE SHALL BE SUBJECT TO
VERIFICATION BY THE BANKING INSTITUTION EITHER BY DIRECT
WIRE TRANSMISSION OR OTHERWISE.

(C)     THE PLACE WHERE THE DEVICE IS LOCATED MAY BE
UNMANNED OR MANNED BY A THIRD-PARTY UNDER CONTRACT WITH,
BUT NOT AN OFFICER OR EMPLOYEE OF, THE BANKING
INSTITUTION.

(D)    (1) THE BANK COMMISSIONER'S APPROVAL SHALL
BE CONDITIONED UPON HIS DETERMINATION THAT THE
OFF-PREMISES FACILITY WILL BE AN EFFECTIVE AND EFFICIENT
SERVICE CONSISTENT WITH SOUND BANKING PRACTICE AND THE
SECURITY OF THE TRANSACTIONS INVOLVED.

(2) IF AT ANY TIME AFTER APPROVAL THE BANK
COMMISSIONER FINDS THAT THESE STANDARDS ARE NOT BEING
MET, THE FACILITY SHALL BE DISCONTINUED UPON NOTICE TO
THE BANKING INSTITUTION OF THE DEFICIENCIES. IF
THEREAFTER THE DEFICIENCIES ARE CURED AND THE
COMMISSIONER SO FINDS, THE OPERATION OF THE FACILITY MAY
BE RESUMED.

(E)    A FACILITY OF THE NATURE DESCRIBED IN THIS
SECTION SHALL NOT BE DEEMED TO BE A BRANCH OF THE BANKING
INSTITUTION WITHIN THE MEANING OF ANY PROVISIONS OF THIS
ARTICLE.

(F)    NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS
SECTION, THE BANK COMMISSIONER MAY ESTABLISH RULES AND
REGULATIONS FOR THE OPERATION AND SHARING THE USE OF
THESE FACILITIES ON SUBSTANTIALLY THE SAME BASIS AND TO
SUBSTANTIALLY THE SAME EFFECT AS RULES AND REGULATIONS
WHICH MAY BE PROMULGATED BY THE COMPTROLLER OF THE
CURRENCY WITH RESPECT TO OPERATION AND SHARING THE USE OF
THESE FACILITIES BY NATIONAL BANKS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.