S.C. Code Regs. § § 15-39H
Current through Register Vol. 48, No. 10, October 25, 2024
Section 15-39H - Financial Institutions May Share in Ownership or Lease and Operation of Freestanding Automatic Teller Machine BranchesIf two or more financial institutions want to share in the ownership or lease and operation of a free-standing ATM, the following procedure is applicable:
(a) The financial institution that owns or leases the ATM shall make application to the Board of Financial Institutions to operate an ATM branch.(b) All other sharing financial institutions need only notify the office of the Commissioner of Banking by letter that the financial institutions are sharing in the operation of the ATM. Sharing financial institutions are not regarded as operating a branch at such location and would not need to make a branch application to the Board of Financial Institutions for an ATM branch.(c) Should two or more financial institutions want to share in the ownership and operation of an ATM, the group of financial institutions should designate one of the group to service the ATM and be responsible for its operation, and that financial institution should make application for the ATM branch and all sharing financial institutions need only notify the office of the Commissioner of Banking that they are only sharing in the operation of the ATM.Statutory Authority: 1976 Code Section 34-1-60