Tennessee Code 45-16-102 – Usage fees authorized
Terms Used In Tennessee Code 45-16-102
- Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
- Financial institution: means a state or national bank, savings and loan association, savings bank, or credit union that owns or operates an electronic terminal. See Tennessee Code 45-16-101
- Shared electronic network: means any system by which a person may initiate any financial transaction from an electronic terminal owned or operated by any person other than a financial institution with whom the person has a deposit, share, or other account or credit facility. See Tennessee Code 45-16-101
- Usage fee: is a ny fee charged by the owner or operator of an electronic terminal on transactions by a holder of a foreign access card. See Tennessee Code 45-16-101
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
An agreement to share electronic terminals or participate in a shared electronic network shall not prohibit, limit, or restrict the right of a financial institution to charge a usage fee for use of its electronic terminals, require a financial institution to limit or waive its rights or obligations under this section, or require the financial institution to otherwise distinguish or discriminate on classes or types of transactions. This section shall not limit or restrict any other fee that a financial institution may impose on its customers pursuant to any deposit, lending, or other written agreement that it has with a customer, or to any other transaction where a customer has no written agreement, but which a customer has notice of the fee.