This text of Massachusetts § 4 (Application to purchase, establish, install, etc.; information; notice of decision) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Section 4. An application filed with the commissioner to purchase, establish, install, operate, lease, use or share an electronic branch shall contain the following information:
(a)the type of electronic branch applied for;
(b)the site location of such electronic branch with a general description of the surrounding area;
(c)the services which may be performed at such electronic branch;
(d)whether the electronic branch will credit or debit a customer's account immediately or on a delayed basis;
(e)a description of the bonding or the contractual responsibilities for any losses or unauthorized transactions if such electronic branch is manned by a third party employee;
(f)if the electronic branch is to be shared, a list of other participants and a copy of the leasing agreement;
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Section 4. An application filed with the commissioner to purchase, establish, install, operate, lease, use or share an electronic branch shall contain the following information:(a) the type of electronic branch applied for;(b) the site location of such electronic branch with a general description of the surrounding area;(c) the services which may be performed at such electronic branch;(d) whether the electronic branch will credit or debit a customer's account immediately or on a delayed basis;(e) a description of the bonding or the contractual responsibilities for any losses or unauthorized transactions if such electronic branch is manned by a third party employee;(f) if the electronic branch is to be shared, a list of other participants and a copy of the leasing agreement;(g) the name and address of the owner of the electronic branch, and if such owner is a subsidiary of another corporation, the name and address of the parent corporation;(h) details regarding the applicant's insurance program and, in particular, considerations made relative to the proposed electronic branch;(i) an outline of the security provisions for the protection of the electronic branch and the customers using it;(j) the manner in which the electronic branch will be activated;(k) copies of all agreements or proposed agreements relating to the operation or use relative to such electronic branch;(l) a copy of any contract between a financial institution and its customers;(m) if the electronic branch is owned by the applicant, a description of the fixed assets costs and estimated operating expenses; and(n) any such other information which the commissioner shall require by rules and regulations.A schedule of all existing service charges or fees on any account and a schedule of charges assessed to financial institutions to use the electronic branch shall accompany each application. The commissioner shall be notified on an annual basis of any changes to such schedules.The commissioner shall send written notice of his decision on an application to purchase, establish, install, operate, lease, use or share an electronic branch within thirty days of receipt of such application or within sixty days of receipt of such application if the commissioner notifies an applicant within the initial thirty-day period that an additional thirty days will be required to evaluate the application. If the commissioner fails to notify the applicant of his decision within thirty days, or sixty days as applicable, such application shall be deemed approved.The commissioner shall be notified of any proposed changes to any previously approved application, excluding changes in any fee or charge schedule filed under this section. Such notification shall be provided to the commissioner at least thirty days before the effective date of the proposed change. The commissioner may reject such proposed changes within fourteen days after receipt of such notice.A bank which intends to terminate the use of an electronic branch, other than an electronic branch located at an office of a financial institution, shall file a written request with the commissioner, which shall include the reasons for the termination; but, if in the opinion of the commissioner an emergency exists, he may waive this requirement. An electronic branch shall not be terminated or use thereof terminated until approved by the commissioner or upon the expiration of 30 days from the date the written request is made, whichever is sooner.To the extent that such applications or notices contain trade secrets, privileged information or confidential, commercial or financial data or information otherwise exempted by statute, such information or secrets shall not be disclosed by the commissioner.An application by a financial institution may list one or more other financial institutions or organizations with which it plans to purchase, establish, install, operate, lease, use or share an electronic branch and may be supplemented from time to time by the addition of other such financial institutions or organizations. Such an application shall be deemed to be an application by the financial institutions or organizations so listed or added, and such financial institutions or organizations shall not be required to make a separate application; provided, however, that the financial institution which files the application includes information in its application with respect to the financial institutions or organizations so listed or added as required under this section. If any financial institution or organization so listed or added elects to file a separate application, such financial institution or organization shall not be required to furnish a copy of any identical information contained in the application filed by the other financial institution.