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Can you summarize IACO Chapter 527?
COMMERCE > ELECTRONIC TRANSFER OF FUNDS
Short Summary
The provided legal document content covers various aspects related to the electronic transfer of funds in Iowa. It governs the establishment and operation of satellite terminals, as well as the utilization and maintenance of these terminals by financial institutions. The document also addresses the operation of central routing units and the revocation of privileges for operating satellite facilities, data processing centers, or central routing units. It applies to financial institutions, customers, satellite terminal operators, and persons involved in operating these facilities. The document provides definitions for key terms used in electronic funds transfer and specifies exemptions for limited-function terminals and transactions not involving the use of an access device. However, it does not mention specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Financial institutions, customers, satellite terminal operators, persons operating satellite facilities, data processing centers, or central routing units
What does it govern?
Establishment and operation of satellite terminals, electronic transfer of funds, utilization and maintenance of satellite terminals, operation of central routing units, revocation of privilege
What are exemptions?
Limited-function terminals exempt from certain requirements, transactions not involving the use of an access device to affect a customer asset account
What are the Penalties?
Civil penalties for violations of the chapter or its rules
Jurisdiction
Iowa