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Can you summarize MTCO Title 32, Chapter 6?
FINANCIAL INSTITUTIONS > ELECTRONIC FUNDS TRANSFER ACT
Short Summary
The provided legal document content pertains to the operation of satellite terminals in electronic funds transfers. It requires satellite terminals to produce a humanly readable record of transactions and provide a copy of the record to the person initiating the transaction. The receipt provided to the person initiating the electronic funds transfer is admissible as evidence in legal proceedings and serves as prima facie proof of the recorded transaction. Financial institutions are obligated to provide customers using electronic funds transfer services with periodic account statements containing brief descriptions of all electronic funds transfers, enabling customers to identify and relate transactions to the provided receipts. The description of automated teller machine transactions in the periodic account statement must include specific geographic locations. When the periodic account statement includes both electronic funds transfers and other transactions, all electronic funds transfers must be identified and furnished in compliance with the requirements. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Entities involved in satellite terminal operations
What does it govern?
Operation of satellite terminals in electronic funds transfers
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Montana