CHAPTER 245

FORMERLY

SENATE BILL NO. 276

AN ACT TO AMEND CHAPTERS 7 AND 9 OF TITLE 5, DELAWARE CODE, RELATING TO BANK BRANCHES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section i. Amend §770, Chapter 7, Title 5, Delaware Code, by adding thereto a new paragraph (c) to read as follows:

"(c) Any bank, with the prior approval of the State Bank Commissioner, may install, maintain, operate or utilize for the benefit of its customers, one or more electronic devices or machines at locations remote from its main office or any branch office, by which funds may be deposited into or withdrawn from established accounts, advances may be obtained against previously authorized lines of credit, transfers of funds between accounts may be made, loan payments may be made, or cash may be received or dispensed. An off-premises facility as described herein shall be deemed to be a branch office except that it may be shared among banks, savings banks, national banks, savings and loan institutions, and credit unions, and the Commissioner's approval need only be conditioned upon a determination that the facility will be an effective and efficient service consistent with sound banking practices, such facilities may be manned by personnel of the bank, or may be unmanned, or manned by a person under contract with, but not an officer or employee of the operating bank."

Section 2. Amend §933 of Chapter 9, Title 5, Delaware Code, by adding thereto a new paragraph (c) to read as follows:

"(c) Any savings banks or savings society, with the prior approval of the State Bank Commissioner, may install, maintain, operate or utilize for the benefit of its customers one or more electronic devices or machines at locations remote from its main office or any branch office, by which funds may be deposited into or withdrawn from established accounts, advances may be obtained against previously authorized lines of credit, transfers of funds between accounts may be made, loan payments may be made, or cash may be received or dispensed. An off-premises facility as described herein shall be deemed to be a branch office except that it may be shared among banks, savings banks, national banks, savings and loan institutions, and credit unions, and the Commissioner's approval need only be conditioned upon a determination that the facility will be an effective and efficient service consistent with sound banking practices. Such facilities may be manned by personnel of the bank, or may be unmanned, or manned by a person under contract with, but not an officer or employee of the operating bank."

Approved May 29, 1980