Definitions

11-48-100.3. Definitions. As used in this article 48, unless the context otherwise requires: (1) Communications facility means an attended or unattended electronic information processing device, other than an ordinary telephone instrument, located in this state separate and apart from a financial institution and through which account holders and financial institutions may engage in transactions by means of either the instant transmission (online) of electronic impulses to and from the financial institution or its data processing agent or the recording of electronic impulses or other indicia of a transaction for delayed transmission (off-line) to a financial institution or its data processing agent. Such a device located on the premises of a financial institution shall be a communications facility if such device is utilized by the account holders of other financial institutions. (2) Financial institution means: (a) Any savings and loan association organized under article 41 of this title 11 or under federal law and having its principal office in this state; and (b) Any credit union organized under article 30 of this title 11 or federal law and having its principal office in this state. Source: L. 2025: Entire section added with relocations, (SB 25-275), ch. 377, p. 2040, � 52, effective August 6. Editor's note: Subsection (1) is similar to former � 11-48-103 as it existed prior to 2025.