(a)    (1)    In this section, “electronic terminal” means an automated electronic information processing device that:

(i)    Stores information about a customer’s account with a savings and loan association and transmits that information to an office of the association; and

(ii)    Is activated by a machine-readable instrument issued to a customer.

(2)    An electronic terminal is not a branch office of a savings and loan association.

(b)    If the Division Director approves the application of a savings and loan association under this section, an association may establish and maintain an electronic terminal at a location that may be other than its principal or any branch office.

(c)    (1)    The savings and loan association shall:

(i)    File with the Division Director an application for general authority to establish one or more electronic terminals; and

(ii)    Pay to the Division of Savings and Loan Associations a $100 filing fee.

(2)    The application shall include as to proposed electronic terminals:

(i)    The location of each;

(ii)    The physical size and other characteristics;

(iii)    The capital investment;

(iv)    The security devices to be installed;

(v)    The systems and safeguards to be used to insure confidentiality and privacy of the account information of customers; and

(vi)    Evidence of sufficient fidelity, forgery, and other appropriate insurance to protect the interests of the association.

(3)    The Division Director shall publish a notice of the filing in the Maryland Register as provided in the State Documents Law.

(d)    Within 60 days after the application is filed, the Division Director shall approve an application only if the Division Director finds that the proposed terminal will:

(1)    Promote the public interest; and

(2)    Be operated efficiently and in accordance with this title.

(e)    A savings and loan association may use an electronic terminal to enable a customer of the association to:

(1)    Deposit money into an account of the customer of the association;

(2)    Transfer money from any account of the customer to any other account;

(3)    Withdraw money from an account or under an authorized line of credit of a customer;

(4)    Make payments on loans; and

(5)    Execute any other transaction that the Division Director approves.

(f)    A savings and loan association may verify by direct wire transmission or otherwise any transaction that is made by means of an electronic terminal.

(g)    A savings and loan association may participate with any other financial institution doing business in this State in establishing and maintaining an electronic terminal.

(h)    Any applicant aggrieved by any action or nonaction of the Division Director under this section may appeal to the circuit court for the county where the association has its principal business office in this State.