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ACT NO. 98

(H. 600)

ATM's; Independent Trust Companies

This act requires that owners of automated teller machines provide a notice of the amount of fee charged for the transaction, and an address and phone number for consumer assistance.

This act also clarifies existing law regarding licensed lenders, and authorizes the Commissioner of the Department of Banking, Insurance, Securities, and Health Care Administration to promulgate disclosure rules for high rate home mortgage loans. In addition, the Commissioner is required to report to the General Assembly any findings or recommendations regarding consumer protection in credit and lending practices.

This act allows a bank to acquire an interest in non-bank entities, and permits the creation of non-bank independent trust companies.

Effective Date: The provisions of Sec. 8b of this act (Independent Trust Companies) take effect July 1, 1998. The other provisions of the act take effect on April 16, 1998, except that, as a general matter, the sanctions permitted under the new ATM disclosure rules will not apply until July 16, 1998.