§ 58-16-2 — Purpose of act

The purposes of the Remote Financial Service Unit Act are: A. to provide greater convenience for the consumer by authorizing financial institutions and merchants to offer certain financial services in convenient ways and locations; B. to enable the use of remote financial service units at business locations for purposes of authorizing debit and certain credit transactions and verifying or guaranteeing payment of negotiable instruments or nonnegotiable share drafts to reduce the loss exposure of businesses; C. to permit certain electronic transfers of funds to reduce the number of negotiable instruments processed and relieve the burden on the overall clearinghouse system; D. to permit financial institutions and merchants to share the use of remote financial service units through networks; and E. to maintain equal competitive opportunities for merchants and for financial institutions.

Legislative History

1953 Comp., § 45-25-2 enacted by Laws 1977, ch. 359, § 2; repealed and