AN ACT RELATIVE TO ELECTRONIC BRANCHES AND ELECTRONIC FUND TRANSFERS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 1 of chapter 167B of the General Laws, as
appearing in the 1990 Official Edition, is hereby amended by inserting after
the definition of "Financial institution" the following definition:-
"Merchant", any person, corporation, association, partnership or other entity
which provides a location for a point-of-sale terminal and contracts with a
financial institution or an approved organization for electronic fund transfer
SECTION 2. Said section 1 of said chapter 167B, as so appearing, is
hereby further amended by striking out the definitions of "Organization" and
"Point-of-sale terminal" and inserting in place thereof the following two
"Organization", any person, corporation, association of partnership which
assists or provides services to a financial institution or merchant in order to
make available electronic fund transfers. A financial institution or merchant
shall not be considered an organization.
"Point-of-sale terminal", an electronic terminal located on the premises of a
merchant when such terminal is used with the assistance of an employee of a
merchant for a customer's purchase or lease of goods or services sold or leased
by such merchant or adjustments thereto or the receipt of cash by the customer
which is ancillary to the customer's purchase or lease of goods or services
from such merchant; provided, however, that such terminal shall be deemed an
electronic branch for the purposes of this chapter whenever it is used for any
other electronic fund transfer, or for an electronic fund transfer involving a
customer's account held by an organization, or for an electronic fund transfer
solely for customers of a single financial institution or bank holding company
subject to the provisions of chapter one hundred and sixty-seven A or the Bank
Holding Company Act of 1956, 12 USC 1841 et seq.
SECTION 3. Section 8 of said chapter 167B, as so appearing, is
hereby amended by striking out clause (13).
SECTION 4. Section twelve of said chapter one hundred and
sixty-seven B is hereby repealed.