Delaware General Assembly


CHAPTER 255

FORMERLY

SENATE BILL NO. 508

AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO BANK BRANCHES.

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

Section 1. Amend Chapter 7, Subchapter IV, Title 5 of the Delaware Code by striking subparagraph (e) of Section 770 thereof and substituting in lieu thereof, the following:

"(c) Any bank, with the prior approval of the State Bank Commissioner, may install and operate one or more electronic devices or machines at locations in this State remote from its main office or any branch office, by which funds may be deposited into or withdrawn from established accounts, advances may be obtained against previously authorized lines of credit, transfers of funds between accounts may be made, loan and other payments may be made or cash may be received or dispensed. 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. An off-premise facility as described herein shall be deemed to be a branch office of the bank installing and operating it. Without the approval of the State Bank Commissioner, a facility as described herein, whether off-premises or on, may be shared among banks, savings banks, national banks, savings and loan associations and credit unions having their main offices within or without the State, and shall not be deemed to be a branch office of any bank, savings bank, national bank, savings and loan amociation or credit union other than the bank installing and operating it. Such facilities may be manned by personnel of the bank installing and operating it, or may he unmanned or manned by the person under contract with, but not an officer or employee of, the installing and operating bank."

Section 2. Amend Chapter 7, Subchapter IV, Title 5 of the Delaware Code by adding a new subparagraph (d) to Section 771 thereof as follows:

"(d) Electronic devices or machines located without the State which may be utilized to accomplish banking transactions by customers of banks located within the State by whatever arrangement, shall not be deemed to be a branch office under this section or any other provision of Delaware law, nor shall any such arrangement require approval of the State Bank Commissioner."

Approved June 8, 1982.