Text: S05671 Text: S05673 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2452 as follows: 1 2 #1. Page 17, by inserting after line 7 the 1 3 following: 1 4 "DIVISION 1 5 FINANCIAL INSTITUTIONS – SATELLITE TERMINALS 1 6 Sec. . Section 527.2, subsections 10, 14, and 1 7 15, Code 1999, are amended to read as follows: 1 8 10. "Limited-function terminal" means an on-line 1 9 point-of-sale terminal,oran off-line point-of-sale 1 10 terminalwhich satisfies the requirements of section1 11527.4, subsection 3, paragraph "d", or a multiple use 1 12 terminal, which is not operated in a manner to accept 1 13 an electronic personal identifier. Except as 1 14 otherwise provided, a limited-function terminal shall 1 15 not be subject to the requirements imposed upon other 1 16 satellite terminals pursuant to sections 527.4 and 1 17 527.5, subsections 1, 2, 3, 7, and 8. 1 18 14. "Off-line point-of-sale terminal" means a 1 19 satellite terminalthat satisfies the requirements of1 20section 527.4, subsection 3, paragraph "d" and isat 1 21 any location in this state off the premises of the 1 22 financial institution, other than an on-line point-of- 1 23 sale terminal, that satisfies all of the following: 1 24 a. The satellite terminal is not operated to 1 25 accept deposits or to dispense scrip or other 1 26 negotiable instruments. 1 27 b. The satellite terminal is not operated to 1 28 dispense cash except when operated by a person other 1 29 than the customer initiating the transaction. 1 30 c. The satellite terminal is utilized for the 1 31 purpose of making payment to the provider of goods or 1 32 services purchased or provided at the location of the 1 33 satellite terminal. 1 34 15. "On-line point-of-sale terminal" means a 1 35 satellite terminalthat satisfies the requirements of1 36section 527.4, subsection 3, paragraph "d" and isat 1 37 any location in this state off the premises of the 1 38 financial institution operated on an on-line real time 1 39 basis, that satisfies all of the following: 1 40 a. The satellite terminal is not operated to 1 41 accept deposits or to dispense scrip or other 1 42 negotiable instruments. 1 43 b. The satellite terminal is not operated to 1 44 dispense cash except when operated by a person other 1 45 than the customer initiating the transaction. 1 46 c. The satellite terminal is utilized for the 1 47 purpose of making payment to the provider of goods or 1 48 services purchased or provided at the location of the 1 49 satellite terminal. 1 50 Sec. . Section 527.4, subsection 1, Code 1999, 2 1 is amended by striking the subsection and inserting in 2 2 lieu thereof the following: 2 3 1. A satellite terminal shall not be established 2 4 within this state except by a financial institution. 2 5 Sec. . Section 527.4, subsection 2, Code 1999, 2 6 is amended by striking the subsection. 2 7 Sec. . Section 527.4, subsection 3, Code 1999, 2 8 is amended to read as follows: 2 93. A financial institution whose licensed or2 10principal place of business is located within this2 11state may establish any number of satellite terminals2 12in any of the following locations:2 13a. Within the boundaries of a municipal2 14corporation if the principal place of business or an2 15office of the financial institution is also located2 16within the boundaries of the municipal corporation.2 17b. Within the boundaries of an urban complex2 18composed of two or more Iowa municipal corporations2 19each of which is contiguous to or corners upon at2 20least one of the other municipal corporations within2 21the urban complex if the principal place of business2 22or an office of the financial institution is also2 23located in the urban complex.2 24c. Within the Iowa county in which the financial2 25institution has its principal place of business or an2 26office.2 27d. At any location in this state off the premises2 28of the financial institution if all of the following2 29apply:2 30(1) The satellite terminal is not operated to2 31accept deposits or to dispense scrip or other2 32negotiable instruments.2 33(2) The satellite terminal is not operated to2 34dispense cash except when operated by a person other2 35than the customer initiating the transaction.2 36(3) The satellite terminal is utilized for the2 37purpose of making payment to the provider of goods or2 38services purchased or provided at the location of the2 39satellite terminal.2 40 3. A financial institutionshall notmay establish 2 41 a satellite terminal at anyotherlocationexcept2 42pursuant to an agreement with a financial institution2 43which is authorized by this subsection to establish a2 44satellite terminal at that location and which will2 45utilize the satellite terminal at that locationwithin 2 46 this state. This subsection does not amend, modify, 2 47 or supersede any provision of chapter 524 regulating 2 48 the number or locations of bank offices of a state or 2 49 national bank, or authorize the establishment by a 2 50 financial institution of any offices or other 3 1 facilities except satellite terminals at locations 3 2 permitted by this subsection. 3 3 Sec. . Section 527.4, subsection 4, Code 1999, 3 4 is amended to read as follows: 3 5 4. A financial institution whose licensed or 3 6 principal place of business is not located in this 3 7 state may establish, control, maintain, or operate any 3 8 number of satellite terminals atthe locations3 9identified in subsection 3, paragraphs "a", "b", "c",3 10and "d"any location within this state ifboth of the3 11following apply:3 12a. The other state provides for the establishment,3 13control, maintenance, or operation of satellite3 14terminals by a financial institution, whose licensed3 15or principal place of business is located in this3 16state, on a reciprocal basis.3 17b. Allall satellite terminals, wherever located, 3 18 that are owned, controlled, maintained, or operated by 3 19 the financial institution are available for use on a 3 20 nondiscriminatory basis by any other financial 3 21 institution which engages in electronic transactions 3 22 in this state and by all customers who have minimum 3 23 contact with this state and who have been designated 3 24 by a financial institution using the satellite 3 25 terminal and who have been provided with an access 3 26 device, approved by the administrator, by which to 3 27 engage in electronic transactions by means of the 3 28 satellite terminal. 3 29 Sec. . Section 527.5, subsection 5, Code 1999, 3 30 is amended to read as follows: 3 31 5.A satellite terminal in this state shall bear a3 32sign or label identifying each type of financial3 33institution utilizing the terminal. A satellite3 34terminal location in this state shall not be used to3 35advertise individual financial institutions or a group3 36of financial institutions. However, aA satellite 3 37 terminal shall bear a sign or label no larger than 3 38 three inches by two inches identifying the name, 3 39 address, and telephone number of the owner of the 3 40 satellite terminal. The administrator may authorize 3 41 methods of identification the administrator deems 3 42 necessary to enable the general public to determine 3 43 the accessibility of a satellite terminal. 3 44 Sec. . Section 527.5, subsection 11, paragraph 3 45 a, Code 1999, is amended to read as follows: 3 46 a. If at any time, a limited-function terminal at 3 47 a locationas defined in section 527.4, subsection 3,3 48paragraph "d",in this state off the premises of the 3 49 financial institution is replaced by a device 3 50 constituting either an on-line or an off-line point- 4 1 of-sale terminal which may be utilized to initiate 4 2 transactions which affect customer asset accounts 4 3 through the use of an electronic personal identifier, 4 4 or is upgraded, altered, or modified to be operated in 4 5 a manner which allows the use of an electronic 4 6 personal identifier to initiate transactions which 4 7 affect customer asset accounts, or an on-line or an 4 8 off-line point-of-sale terminal which may be utilized 4 9 to initiate transactions which affect customer asset 4 10 accounts through the use of an electronic personal 4 11 identifier is newly established at a locationdefined4 12in section 527.4, subsection 3, paragraph "d"in this 4 13 state off the premises of the financial institution, 4 14 then such upgraded, altered, or modified limited- 4 15 function terminal or replacement point-of-sale 4 16 terminal or such newly established point-of-sale 4 17 terminal is deemed to be a full-function point-of-sale 4 18 terminal for purposes of this subsection and all 4 19 requirements of a satellite terminal in this chapter 4 20 apply to the full-function point-of-sale terminal with 4 21 regard to all transactions affecting customer asset 4 22 accounts which are initiated through the use of an 4 23 electronic personal identifier, except for section 4 24 527.4,subsections 1, 2, andsubsection 4,section4 25527.4, subsection 3, paragraphs "a", "b", and "c",and 4 26 subsections 1, 3, and 7 of this section. 4 27 Sec. . Section 527.5, subsection 12, Code 1999, 4 28 is amended to read as follows: 4 29 12. Effective July 1, 1994, any transaction 4 30 engaged in with a retailer through a satellite 4 31 terminal at a locationdescribed in section 527.4,4 32subsection 3, paragraph "d",in this state off the 4 33 premises of the financial institution by means of an 4 34 access device which results in a debit to a customer 4 35 asset account shall be cleared and paid at par during 4 36 the settlement of such transaction. Notwithstanding 4 37 the terms of any contractual agreement between a 4 38 retailer or financial institution and a national card 4 39 association as described in subsection 11, an 4 40 electronic funds transfer processing facility of a 4 41 national card association, a central routing unit 4 42 approved pursuant to this chapter, or a data 4 43 processing center, the processing fees and charges for 4 44 such transactions to the retailer shall be as 4 45 contractually agreed upon between the retailer and the 4 46 financial institution which establishes, owns, 4 47 operates, controls, or processes transactions 4 48 initiated at the satellite terminal. All accounting 4 49 documents reflecting such fees and charges imposed on 4 50 the retailer shall separately identify transactions 5 1 which have resulted in a debit to a customer asset 5 2 account and the charges imposed. The provisions of 5 3 this subsection shall apply to all satellite 5 4 terminals, including limited-function terminals, full- 5 5 function point-of-sale terminals as identified in 5 6 subsection 11, paragraph "a", and multiple use 5 7 terminals. 5 8 Sec. . EFFECTIVE DATE. This division of this 5 9 Act, being deemed of immediate importance, takes 5 10 effect upon enactment." 5 11 5 12 5 13 5 14 STEWART IVERSON, Jr. 5 15 5 16 5 17 5 18 MICHAEL E. GRONSTAL 5 19 SF 2452.311 78 5 20 mj/cf
Text: S05671 Text: S05673 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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