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Can you summarize MOCS 20 CSR 1140-2.127?
Banks and Trust Companies > Branch Banking- ATMs
Short Summary
This document pertains to the regulation of automated teller machines (ATMs) and remote service units in the state of Missouri. It states that these machines are not considered branches and therefore do not require regulatory approval. The term ‘branch’ in section 362.107 of the Missouri Revised Statutes does not include ATMs, point of sale devices, cash dispensing machines, or similar unmanned banking terminals. As a result, banks and trust companies do not need to obtain approval from the commissioner of finance to establish or relocate such devices. The authority for this regulation is provided by sections 361.105, 362.105.4, and 362.107 of the Missouri Revised Statutes. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks and trust companies
What does it govern?
Automated teller machines and remote service units
What are exemptions?
Automated teller machines, point of sale devices, cash dispensing machines, or similar unmanned banking terminals
What are the Penalties?
No penalties mentioned.
Jurisdiction
Missouri