23-48-801. Definitions.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-48-801. Definitions.

23-48-801. Definitions. As used in this subchapter, unless the context otherwise requires: (1)(A) “Customer-bank communication terminal”, or “CBCT”, means any electronic device or facility, other than a point-of-sale terminal, together with all associated equipment, structures, and systems, through or by means of which a customer and a bank may engage in any banking transaction, whether transmitted to the banking institution instantaneously or otherwise. This definition specifically includes automatic teller machines. (B) Banking transactions include, without limitation, the receipt of deposits of every kind, the receipt and dispensing of cash, requests to withdraw money from an account or pursuant to an authorized line of credit, receiving payments payable at the bank or otherwise, and transmitting instructions to receive, transfer, or pay funds for a customer's benefit. (C) However, nothing in this subdivision (1) shall be deemed to apply to devices used by banks to effect transactions of any nature with other banks; (2) “Point-of-sale terminal” means electronic or mechanical equipment located in nonbank business outlets to record or execute, directly with a bank, transactions occurring as a result of the sale of goods or services, provided the equipment neither dispenses cash nor accepts deposits. For purposes of this definition, the crediting of an account for merchandise returned or for services previously provided shall not be considered as an acceptance of a deposit; and (3) “Supervisory banking authority” means the Bank Commissioner and the State Banking Board for state banks and the United States Comptroller of the Currency for national banks.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-801

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.