6.1-194.122 - (Repealed effective October 1, 2010) Remote service units. - Virginia Statutes

§ 6.1-194.122. (Repealed effective October 1, 2010) Remote service units.

A. As used in this section, the following terms shall have the meaningsindicated:

"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.

"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 savings bank 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 savings bank, unless shared with other financialinstitutions. An RSU shall not be considered to be a branch office of astate savings bank.

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, a statesavings bank may establish or use remote service units and participate withothers in remote service unit operations on an unrestricted geographic basis.A state savings bank 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 § 6.1-194.119. Noremote service unit may be used to open a savings account or a demand accountor to establish a loan account.

C. Before permitting an account holder to use a remote service unit, thestate savings bank shall provide a personal security identifier to theaccount holder and require its use when accessing a remote service unit. Astate savings bank may not employ RSU access techniques that require theaccount holder to disclose a PSI to another person.

D. A state savings bank shall not share an RSU with any financial institutionor other entity the accounts of which are not insured by an agency of thefederal government.

(1991, c. 230.)