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Can you summarize 11 CORS Article 105, Part 2?
BANKING PRACTICES > ELECTRONIC FUNDS TRANSFERS
Short Summary
The provided legal document content pertains to the practices related to electronic funds transfers by Colorado banks. It requires banks to provide their account holders with a receipt or record of each banking transaction initiated at a communications facility. These receipts or records serve as prima facie proof of the transactions and are admissible as evidence in legal actions. Banks must reflect all banking transactions made by the account holder at a communications facility in the statements of demand, savings, or loan accounts provided to the account holder. The document also addresses the liability of account holders for lost or stolen cards or devices, stating that they are only liable for the lesser of fifty dollars or the amount obtained by unauthorized use prior to notice of theft or loss. The account holder is not liable if the unauthorized use occurs through no fault of their own. Additionally, the document prohibits banks from making the use of checking accounts burdensome with the intent to discourage their use. The banking board is authorized to issue rules to prevent violations of this provision. Furthermore, the document addresses the right of operators or owners of communications facilities to charge access fees or surcharges to customers using accounts from foreign banks, unless prohibited by state or federal law. However, it does not prohibit operators or owners from voluntarily entering into agreements to participate in surcharge-free networks.
Whom does it apply to?
Colorado banks and their account holders
What does it govern?
Practices related to electronic funds transfers by Colorado banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Colorado