Kentucky Administrative Regulations
Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS
Chapter 1 - Administration
Section 808 KAR 1:060 - Automated teller machines
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 286.3-180, 286.5-061, 286.6-055
NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.1-020(1) authorizes the commissioner to promulgate administrative regulations necessary to implement KRS Chapter 286. This administrative regulation provides for the use of an automated teller machine by a financial institution and specifies that an automated teller machine is not a branch or service facility of the financial institution.
Section 1. Definition. "Financial institution" means a state chartered bank, savings and loan association, or credit union.
Section 2. A financial institution may receive and act upon a communication from a customer transmitted through an automated teller machine. The communication may:
Section 3. A transaction initiated by an automated teller machine shall be subject to verification by the financial institution.
Section 4. A financial transaction effected by use of an automated teller machine shall be deemed to be transacted at the institution and not at the automated teller machine. The automated teller machine shall not be considered to be a branch, branch office, or service facility.
STATUTORY AUTHORITY: KRS 286.1-020(1), 286.5-702, 286.6-070