Bill
S 4700
Bill S 4700 requires non-bank ATMs to register, ensuring consumer protection and compliance with standards, benefiting users with clearer information on fees and operations.
Bill Number: S 4700
Title: Relates to registration of non-bank automated teller machines
Status: Referred to Banks
Introduced: February 11, 2025
Classification: Bill
Bill S 4700 aims to establish a regulatory framework for the registration of non-bank automated teller machines (ATMs). The intent of this legislation is to enhance consumer protection, ensure compliance with financial regulations, and promote transparency in the operation of non-bank ATMs.
The bill includes several important provisions:
Registration Requirement: Non-bank entities operating ATMs will be required to register each machine with the appropriate regulatory authority. This registration process aims to create a comprehensive database of non-bank ATMs.
Compliance Standards: The bill outlines compliance standards that non-bank ATM operators must adhere to, including security measures, maintenance protocols, and consumer information disclosures.
Fees and Penalties: The legislation may establish a fee structure for registration and impose penalties for non-compliance, although specific amounts and penalties are not detailed in the current version.
Consumer Protection Measures: The bill emphasizes the importance of consumer protection by requiring non-bank ATM operators to provide clear information regarding fees, transaction limits, and operational hours.
Non-Bank ATM Operators: Businesses that operate non-bank ATMs will be directly impacted by the registration requirement and compliance standards.
Consumers: Individuals using non-bank ATMs will benefit from enhanced transparency and consumer protection measures, potentially leading to a more informed usage of these machines.
Regulatory Authorities: State and local regulatory bodies will be tasked with overseeing the registration process and ensuring compliance with the new standards.
Current Status: As of February 11, 2025, the bill has been referred to the Banks committee for further consideration.
Related Legislation: This bill is related to S 5531 from the prior session, which may provide context or background for the current legislative efforts.
Bill S 4700 represents a significant step towards regulating non-bank ATMs, aiming to protect consumers and ensure that these financial services operate within a clear legal framework. As the bill progresses through the legislative process, further details regarding fees and penalties may be clarified, impacting both operators and users of non-bank ATMs.
Compiled from official sources — confirm details with the bill’s official record.
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