6.1-194.29 - (Repealed effective October 1, 2010) Remote service units.
§ 6.1-194.29. (Repealed effective October 1, 2010) Remote service units.
A. As used in this section, the following terms shall have the meaningsindicated:
"Remote service unit" or "RSU" means an information processing device,including associated equipment, structures and systems, by which informationrelating to financial services rendered to the public is stored andtransmitted, instantaneously or otherwise, to a financial institution. Anysuch device not on the premises of a state association that, for activationand account access, requires use of a machine-readable instrument andpersonal security identifier in the possession and control of an accountholder, is an RSU. The term includes, without limitation, point-of-saleterminals, merchant-operated terminals, cash-dispensing machines, andautomated teller machines. It excludes automated teller machines on thepremises of a state association, unless shared with other financialinstitutions. An RSU shall not be considered to be a branch office of anassociation.
"Personal security identifier" or "PSI" or "PIN" means any word,number, or other security identifier essential for an account holder to gainaccess to an account through a remote service unit.
B. Subject to the requirements of the Electronic Funds Transfer Act (15U.S.C. § 1693, et seq.) and Regulation E of the Federal Reserve Board, astate association may establish or use remote service units and participatewith others in remote service unit operations on an unrestricted geographicbasis. A state association may establish a remote service unit without priorapproval of the Commission, provided that notice is given to the Commissionerin accordance with the provisions of subsection A of § 6.1-194.26. No remoteservice unit may be used to open a savings account, a demand account orestablish a loan account.
C. Before permitting an account holder to use a remote service unit, theassociation shall provide a personal security identifier to the accountholder and require its use when accessing a remote service unit. Anassociation may not employ RSU access techniques that require the accountholder to disclose a PSI to another person.
D. A state association shall not share an RSU with any financial institutionor other entity which is not insured by an agency of the federal governmentor by some other insuring agency approved by the Commissioner.
E. A state association shall not share an RSU located in the Commonwealthwith any foreign savings institution, or other financial institution which isnot incorporated under the laws of the Commonwealth, unless such foreignsavings institution or other financial institution has been authorized by theCommission to conduct its business in the Commonwealth. Nothing herein shallbe deemed to prohibit a state association from sharing an RSU with a federalsavings institution, or other federally chartered financial institution,authorized to conduct its business in the Commonwealth.
(1985, c. 425.)