Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 31.00 - Electronic fund transfers and establishment and operation of electronic branches › Subpart A - General Provisions › Section 31.02 - Definitions

Current through Register 1525, July 5, 2024
(1) Definitions and rules of construction as presented in
				  12
				  CFR 1005.2 are incorporated by reference as
				  209 CMR 31.02, except as noted in 209 CMR 31.02(2).
(2) For purposes of
				  209 CMR 31.00, the following
				  definitions apply:
Bank
includes a savings bank, a
				  co-operative bank, a trust company, a federal bank, an out-of-state bank, and
				  an out-of-state federal bank, as defined in M.G.L. c. 167, § 1.
Clear and Conspicuous
. A
				  representation of material being disclosed that is of such size, color or
				  contrast which is presented as to be readily noticed and understood by a
				  reasonable person to whom it is being disclosed.
Consumer
means a natural
				  person.
Credit Union
includes a credit
				  union, a federal credit union, and a foreign credit union as defined in M.G.L.
				  c. 171, § 1.
Electronic Branch
means an
				  electronic device, other than a telephone operated by a consumer, through which
				  a consumer may initiate an electronic fund transfer.
Electronic
				  Branch
includes, but is not limited to automated teller machines
				  and cash dispensing machines.
Electronic Branch
shall
				  not include a teller machine or similar device located on the premises of and
				  operated solely by an employee of a financial institution or a point-of-sale
				  terminal.
Electronic Fund Transfer
means any
				  transfer of funds, other than a transaction originated by check, draft or
				  similar paper instrument, which is initiated through an electronic branch
				  telephone instrument, or computer or magnetic tape or point-of-sale terminal so
				  as to order, instruct, or authorize a financial institution to debit or credit
				  an account.
Electronic Fund Transfer
includes, but is
				  not limited to, point-of-sale transfers, automated teller machine transactions,
				  direct deposits or withdrawals of funds and transfers initiated by
				  telephone.
Financial Institution
, except as
				  provided in
				  209 CMR
				  31.03(2), shall have the
				  meaning set forth in
				  12
				  CFR 1005.2 and shall include a non-bank ATM
				  provider.
Merchant
means any person,
				  corporation, association, partnership or other entity which provides a location
				  for a point-of-sale terminal and contracts with a financial institution for
				  electronic funds transfer services.
Non-bank ATM Provider
means a
				  person, other than a financial institution holding a consumer's account,
				  providing or making available electronic fund transfer services to consumers
				  through a non-bank electronic branch. A merchant shall not be considered a
				  non-bank ATM provider.
Person
means a natural person,
				  corporation, partnership or association.
Point-of-sale Terminal
means 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
				  209 CMR 31.00 whenever it is
				  used for any other electronic fund transfer.