Colorado § 11-48-107 Access to automated clearinghouse

Colorado Statutes

§ 11-48-107 — Access to automated clearinghouse

Colorado·Title 11 Financial·Art. Electronic Funds Transfers for Financial

Effective January 1, 1978,
an automated clearinghouse in this state shall permit direct access to or
membership in such clearinghouse by any financial institution if such access is not
prohibited by any rule or regulation of the federal reserve board and if the financial
institution agrees to abide by the rules of the clearinghouse. For purposes of this
section, automated clearinghouse means a group of financial institutions or banks
which have agreed to abide by certain rules and procedures for the purpose of
exchanging payments and settling balances of participating financial institutions
on computer tape to accomplish settlement of transactions by posting credits and
debits to reserve balances maintained by member banks of the federal reserve
systems through the federal reserv

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Effective January 1, 1978,
an automated clearinghouse in this state shall permit direct access to or
membership in such clearinghouse by any financial institution if such access is not
prohibited by any rule or regulation of the federal reserve board and if the financial
institution agrees to abide by the rules of the clearinghouse. For purposes of this
section, automated clearinghouse means a group of financial institutions or banks
which have agreed to abide by certain rules and procedures for the purpose of
exchanging payments and settling balances of participating financial institutions
on computer tape to accomplish settlement of transactions by posting credits and
debits to reserve balances maintained by member banks of the federal reserve
systems through the federal reserve system.

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