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Can you summarize 3 COCR 701-5?
Division of Banking > ELECTRONIC FUNDS ACT
Short Summary
The Electronic Funds Act, which was repealed effective 11/30/2006, defined various terms related to electronic banking transactions in Colorado. The act defined ‘Account Holder’ as a person with an established demand, savings, or loan account at a Colorado bank. ‘Bank of Account’ referred to the bank where an account holder had their account. ‘Banking Transactions’ encompassed cash withdrawals, deposits, account transfers, payments, disbursements, and loan payments initiated by an account holder at a communications facility and accessing their account at a Colorado bank. ‘Card’ referred to the card, plate, or other device issued to an account holder for banking transactions. ‘Cardholder Agreement’ denoted the written agreement between the card issuer and the account holder specifying the terms of use and repayment. ‘Card Issuer’ referred to the Colorado bank that issued the card. ‘Communications Facility’ was defined as an electronic information processing device located in Colorado, separate from a Colorado bank, through which account holders and banks could engage in banking transactions. ‘Person’ was defined broadly to include individuals, corporations, government entities, trusts, partnerships, and associations. ‘Unauthorized Use’ referred to the use of a card by someone other than the account holder without authority or benefit to the account holder.
Whom does it apply to?
Account holders, banks, card issuers, and communications facilities in Colorado
What does it govern?
Electronic Funds Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Colorado