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Session Laws, 1977
Volume 735, Page 2210   View pdf image
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Ch. 412
2210 LAWS OF MARYLAND
(2) AN ELECTRONIC CUSTOMER COMMUNICATION
TERMINAL DOES NOT CONSTITUTE A BRANCH OFFICE OF AN
ASSOCIATION. (B)     (1) SUBJECT TO THE PROVISIONS OF THIS
SECTION, AN ASSOCIATION MAY ESTABLISH AND MAINTAIN AT A
LOCATION WITHIN THIS STATE OTHER THAN ITS PRINCIPAL AND
BRANCH OFFICES AN ELECTRONIC CUSTOMER COMMUNICATION
TERMINAL TO RENDER ANY OF THE FOLLOWING FINANCIAL
SERVICES: (I)    PROCESSING OF NONNEGOTIABLE OR
NONTRANSFERABLE REQUESTS TO WITHDRAW FUNDS FROM AN
ACCOUNT OF A CUSTOMER; (II)   ACCEPTANCE OF INSTRUCTIONS TO
DEPOSIT FUNDS INTO AN ACCOUNT OF A CUSTOMER OR TO
TRANSFER FUNDS FROM AN ACCOUNT OF A CUSTOMER INTO THE
ACCOUNT OF ANOTHER CUSTOMER; AND (III)  RECEIVING PAYMENTS RELATED TO
LOANS INVESTED IN OR SERVICED BY THE ASSOCIATION. (2) AN ASSOCIATION MAY PARTICIPATE WITH A
FINANCIAL INSTITUTION DOING BUSINESS IN THIS STATE IN THE
ESTABLISHMENT AND MAINTENANCE OF AN ELECTRONIC CUSTOMER
COMMUNICATION TERMINAL. HOWEVER, AN ASSOCIATION MAY NOT
ENTER INTO ANY AGREEMENT THAT PROVIDES FOR THE EXCLUSIVE
RIGHT TO USE AN ELECTRONIC CUSTOMER COMMUNICATION
TERMINAL AT A LOCATION AT WHICH OTHER FINANCIAL
INSTITUTIONS WOULD BE PROHIBITED FROM DOING BUSINESS. (C)     (1) THE ASSOCIATION SHALL FILE WITH THE
DIRECTOR AN APPLICATION FOR AN ELECTRONIC CUSTOMER
COMMUNICATION TERMINAL AND PAY TO THE DIVISION A $100
FILING FEE. (2) THE APPLICATION SHALL CONTAIN: (I)    THE PROPOSED LOCATION OF THE
TERMINAL; (II)   THE PHYSICAL SIZE AND OTHER
CHARACTERISTICS OF THE TERMINAL; (III) THE PROPOSED NUMBER AND TYPE OF PERSONNEL TO BE USED IN THE OPERATION OF ANY MANNED TERMINAL; (IV) (III) THE PROPOSED CAPITAL
INVESTMENT IN THE TERMINAL; (V) (IV) THE PROPOSED SECURITY
DEVICES TO BE INSTALLED AT THE TERMINAL; (VI) (V) THE PROPOSED SYSTEMS AND SAFEGUARDS TO BE USED AT THE TERMINAL TO INSURE
CONFIDENTIALITY AND PRIVACY OF THE ACCOUNT INFORMATION OF


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Session Laws, 1977
Volume 735, Page 2210   View pdf image
 Jump to  
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