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§ 1-403. Location of automated teller machines other than branches of banking institutions or c...

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2008

West's Annotated Code of Maryland
Financial Institutions
Title 1. Definitions; General Provisions
Subtitle 4. Automated Teller Machines (Refs & Annos)
Effective: October 1, 2008
MD Code, Financial Institutions, § 1-403
§ 1-403. Location of automated teller machines other than branches of banking institutions or credit unions
Currentness
In general
(a) Subject to this section, a banking institution or credit union may have an automated teller machine at a location other than the principal office or a branch of a banking institution or credit union.
Notice of intent to install automated teller machine
(b)(1) Except as provided in paragraph (2) of this subsection, at least 15 business days before commencing the installation of an automated teller machine, a banking institution or credit union shall submit to the Commissioner written notice of its intent to install the automated teller machine.
(2) No written notice of intent to install an automated teller machine is required if the automated teller machine is to be located at the principal office or a branch of a banking institution or credit union.
Operation and shared use of automated teller machines
(c)(1) An automated teller machine may receive and dispense money as instructed by a customer.
(2) A banking institution or credit union may verify by direct wire transmission or otherwise any transaction that is made by means of an automated teller machine.
(3) The Commissioner may adopt rules and regulations that are substantially similar to those rules and regulations of the Comptroller of the Currency for the operation and shared use of automated teller machines by national banking associations.
Notice of deficiency by Commissioner
(d)(1) If, after the Commissioner receives the notice required under subsection (b)(1) of this section or the automated teller machine is installed, any requirement of this section is not being met, or if the Commissioner determines that the operation of the automated teller machine is not consistent with safety and soundness and the security of the transactions, the Commissioner shall give the banking institution or credit union notice of the deficiency.
(2) On notice of deficiency, a banking institution or credit union shall stop using the automated teller machine.
(3) If the Commissioner determines that the deficiency has been corrected, the banking institution or credit union may resume use of the automated teller machine.
Automated teller machine not branch of banking institution or credit union
(e) For purposes of this article, an automated teller machine is not a branch of a banking institution or credit union.

Credits

Added by Acts 1999, c. 603, § 1, eff. Oct. 1, 1999. Amended by Acts 2000, c. 61, § 1, eff. April 25, 2000; Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001; Acts 2008, c. 89, § 1, eff. Oct. 1, 2008.
MD Code, Financial Institutions, § 1-403, MD FIN INST § 1-403
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document