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Can you summarize 209 CMR 31?
Division of Banks and Loan Agencies > Electronic fund transfers and establishment and operation of electronic branches
Short Summary
The purpose of 209 CMR 31.00 is to protect consumers engaging in electronic fund transfers and remittance transfers, as well as to establish procedures for the operation of automated teller machines. It applies to financial institutions, banks, and credit unions. The document incorporates definitions and rules from 12 CFR 1005.2, with some exceptions. It defines various entities and terms, including Bank, Clear and Conspicuous, Consumer, Credit Union, Electronic Branch, Electronic Fund Transfer, Financial Institution, Merchant, Non-bank ATM Provider, Person, and Point-of-sale Terminal. The document clarifies that an Electronic Branch does not include a teller machine operated by a financial institution employee or a point-of-sale terminal. It sets the framework for electronic fund transfers and the operation of electronic branches within the specified entities. Banks and credit unions are subject to the requirements of 12 CFR 1005, except for certain provisions. Compliance with specific provisions of 12 CFR 1005 constitutes compliance with corresponding provisions of 209 CMR 31.00. The document also incorporates provisions regarding the federal Truth in Lending Act and the Massachusetts Truth in Lending Act. Enforcement of 209 CMR 31.00 and 12 CFR 1005 is the responsibility of the Division of Banks, and non-compliance may result in enforcement measures and sanctions. Compliance with record retention requirements and consumer disclosures is also outlined. The document includes provisions for remittance transfers and additional provisions for ATM operations. It also addresses applications, transfer and termination of electronic branches, penalties for non-compliance, fee schedules, safety and security measures for ATMs, assessment of costs, and location restrictions for electronic branches.
Whom does it apply to?
Financial institutions, banks, credit unions, merchants, non-bank ATM providers, and persons
What does it govern?
Electronic fund transfers and the establishment and operation of electronic branches
What are exemptions?
Banks and credit unions are exempt from certain provisions
What are the Penalties?
Failure to comply with any provision of 209 CMR 31.00 or 12 CFR 1005 may result in enforcement measures and sanctions under M.G.L. c. 167B, 20 through 22
Jurisdiction
Massachusetts