1.For purposes of this chapter the superintendent of banking only has the power to
issue rules applicable to, to accept and approve or disapprove applications or informational
statementsfrom, toconducthearingsandrevokeanyapprovalsrelatingto, andtoexerciseall
other supervisory authority created by this chapter with respect to banks; the superintendent
of credit unions only has such powers and authority with respect to credit unions; and
the superintendent of banking or the superintendent’s designee only has such powers and
authority with respect to industrial loan companies.
2.The administrator shall have the authority to examine any person who operates a
multiple use terminal, limited-function terminal, or other satellite terminal, and any other
deviceorfacilitywithwhichsuchterminalisint
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1. For purposes of this chapter the superintendent of banking only has the power to
issue rules applicable to, to accept and approve or disapprove applications or informational
statementsfrom, toconducthearingsandrevokeanyapprovalsrelatingto, andtoexerciseall
other supervisory authority created by this chapter with respect to banks; the superintendent
of credit unions only has such powers and authority with respect to credit unions; and
the superintendent of banking or the superintendent’s designee only has such powers and
authority with respect to industrial loan companies.
2. The administrator shall have the authority to examine any person who operates a
multiple use terminal, limited-function terminal, or other satellite terminal, and any other
deviceorfacilitywithwhichsuchterminalisinterconnected, astoanytransactionby, with, or
involvingafinancialinstitutionwhichaffectsacustomerassetaccount. Informationobtained
in the course of such an examination shall not be disclosed, except as provided by law.
3. Nothing contained in this chapter shall authorize the administrator to regulate the
conductofbusinessfunctionsortoobtainaccesstoanybusinessrecords,data,orinformation
of a person who operates a multiple use terminal, except those pertaining to a financial
transaction engaged in through a satellite terminal, or as may otherwise be provided by law.
4. Nothing contained in this chapter shall be construed to prohibit or to authorize the
administrator to prohibit an operator of a multiple use terminal, other than a financial
institution, or an operator of any other device or facility with which such terminal is
interconnected, other than a central routing unit or data processing center from using
those facilities to perform internal proprietary functions, including the extension of credit
pursuant to an open-end credit arrangement.
5. An administrator may conduct hearings and exercise any other appropriate authority
conferred by this chapter regarding the operation or control of a satellite terminal upon the
written request of a person, including but not limited to, a retailer, financial institution, or
consumer.
6. The authority of an administrator pursuant to section 527.5, subsection 2, paragraph
“a”, to approve access cards issued by a financial institution for use as an access device
includes the requirement that a registration statement shall be filed with the administrator
and be maintained on a current basis by each financial institution issuing access cards
within the state. The registration statement shall be in writing on a form prescribed by the
administrator, and contain the name and address of the registrant, a depiction of both sides of
the access card, and any other information the administrator deems relevant relating to the
access card and transactions utilizing the access card which affect a customer asset account.
7. A financial institution shall not be required to join, be a member or shareholder of,
or otherwise participate in, any corporation, association, partnership, cooperative, or other
enterprise as a condition of the financial institution’s utilization of any satellite terminal
located within this state.
8. An administrator may issue any order necessary to secure compliance with or prevent
a violation of this chapter or the rules adopted pursuant to this chapter, regarding the
establishment and operation of a satellite terminal, limited-function terminal, upgraded,
altered, modified, or replaced limited-function terminal, and any other device or facility with
which such terminal is interconnected. A person who violates a provision of this chapter
or any rule or any order issued pursuant to this chapter is subject to a civil penalty not to
exceed one thousand dollars for each day the violation continues. A person aggrieved by
an order of an administrator may appeal the order by filing a written notice of appeal with
the administrator within thirty days of the issuance of the order. The administrator shall
schedule a hearing for the purpose of hearing the arguments of the aggrieved person within
thirty days of the filing of the notice of appeal. The provisions of chapter 17A shall apply
to all matters related to the appeal. The attorney general, on request of the administrator,
shall institute any legal proceedings necessary to obtain compliance with an order of the
administrator or to prosecute a person for a violation of the provisions of this chapter or
rules adopted pursuant to this chapter.