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Can you summarize TNCO 45-2-619?
General Powers of Banks > Definitions Electronic cash dispensing devices.
Short Summary
This section of the Tennessee Code governs electronic cash dispensing devices. It defines ‘depository institution’ as an insured bank, mutual savings bank, insured credit union, member of the Federal Home Loan Bank Act, or a savings association. The definition also includes associations or entities wholly owned by or consisting only of these institutions. The section further defines ’electronic cash dispensing device’ as an electronic device, such as an automated teller machine, through which a consumer can obtain cash by initiating an electronic fund transfer instruction to their depository institution. The section allows persons other than depository institutions to own or operate electronic cash dispensing devices in Tennessee, as long as the devices do not receive money on deposit. The section does not specify any penalties for non-compliance or violations.
Whom does it apply to?
Depository institutions, electronic cash dispensing device owners or operators
What does it govern?
Electronic cash dispensing devices
What are exemptions?
Electronic cash dispensing devices that receive money on deposit
What are the Penalties?
Not specified
Jurisdiction
Tennessee