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Can you summarize 3 NJAC Chapter 1, Subchapter 17?
GENERAL PROVISIONS > AUTOMATED TELLER MACHINES ATM
Short Summary
This subchapter of the New Jersey Administrative Code governs automated teller machines (ATMs). It defines an ATM as a facility or terminal owned or rented by a bank, savings bank, or savings and loan association, allowing customers to make deposits, obtain disbursements, or transfer money. The definition also includes communication terminal facilities and remote service units. The subchapter applies to state-chartered institutions with branch offices in New Jersey, unless otherwise indicated, as well as foreign financial institutions without principal or branch offices in New Jersey. It also defines ‘sharing access’ as the ability of financial institutions, other than the ATM owner, to allow their customers to use the machine. The document has been amended multiple times, with the most recent amendments effective on October 7, 1996, and April 2, 2001. It specifies that a bank, savings bank, or savings and loan association can establish, maintain, or operate an ATM on or near their premises without filing a notice with the Department if it is within 200 feet of the office or branch. If the ATM is located more than 200 feet away, written notice must be filed with the Commissioner. The document also covers interstate transactions involving ATMs and foreign financial institutions, allowing customers with accounts in foreign financial institutions to make deposits from ATMs in New Jersey. It states that foreign banks or associations accepting loan applications through electronic devices in New Jersey are considered to be transacting business in violation of certain statutes, except for in-person contact over a telephone and drawing on a pre-existing line of credit. The document was recodified from a previous section and has been amended to reorganize its content. No specific penalties for non-compliance or violation are mentioned.
Whom does it apply to?
Banks, savings banks, savings and loan associations, credit unions, and foreign financial institutions
What does it govern?
Automated teller machines (ATMs)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned.
Jurisdiction
New Jersey