Section 5. No financial institution shall invest in or contract for the services of any organization unless such organization has been approved in writing by the commissioner and the financial institution has obtained a copy of such approval.

Any organization seeking such approval shall file an application with the commissioner which the commissioner shall approve or reject, by written notice, within forty-five days after such filing.

Such application shall include the following information:

(1) the name and business address of the organization and if such organization is a subsidiary of another corporation the name and business address of the parent corporation;

(2) the location of all data processing centers and central routing units and if such centers or units are owned by another corporation the name and address of such corporation;

(3) a copy of all agreements between the organization and any central routing unit or data processing center;

(4) copies of all proposed agreements with financial institutions relating to the operation, use, and charges relative to an electronic branch;

(5) information satisfactory to the commissioner showing that such organization will be capable of assisting or providing financial institutions with electronic fund transfer services;

(6) the method of operation by which such organization will provide electronic fund transfer services for financial institutions; and

(7) any other information which the commissioner shall require by rules and regulations.

To the extent that such applications or notices contain trade secrets, privileged information or confidential, commercial or financial data or information otherwise exempted by statute, such information or secrets shall not be disclosed by the commissioner.

The commissioner shall not approve any organization unless such organization agrees in writing:

(1) that it and any such central routing unit or data processing center will comply with all applicable provisions of this chapter or regulations issued hereunder;

(2) to be examined by the commissioner; and

(3) to maintain its books in the manner required by the commissioner.

An organization seeking to purchase, establish, install, operate, lease, use or share an electronic branch for the purpose of providing electronic fund transfers for financial institutions shall comply with the provisions of section four. An application by an organization under said section four may list one or more financial institutions to which the organization plans to provide services, or with which or on behalf of which it plans to purchase, establish, install, operate, lease, use or share an electronic branch and may be supplemented from time to time by the addition of other such financial institutions. Such an application shall be deemed to be an application for purposes of sections three and four by the financial institutions so listed or added. Any financial institution so listed or added shall not be required to make a separate application under said section four; provided, however, that the organization includes information in its application with respect to such financial institution as required under said section four. If any financial institution so listed or added elects to file a separate application under said section four, such financial institution shall not be required to furnish a copy of any identical information contained in the application filed by the organization.

Before any financial institution shall invest in or contract for any services of any such organization, the financial institution shall inform the commissioner in writing of the involvement of any of its officers with such organization.

The provisions of this section shall not apply (a) to any person which merely provides a location for or an operator of such electronic branch or (b) to any corporation or association, such as an automated clearing house association or credit card association, the function of which is to provide for the clearing or interchange of electronic fund transfers among financial institutions and which does not own, operate, lease, use or share any electronic branch, central routing unit or data processing center.

The commissioner shall not approve any contract with any organization if such organization is also providing services to a financial institution which is providing electronic fund transfer services in the commonwealth but which is not in full compliance with this chapter.

For the purposes of this chapter, a telecommunication common carrier, as defined in paragraph (d) of section twelve of chapter one hundred and fifty-nine, who offers electronic fund transfer services to a consumer, shall be subject to the regulations of the commissioner to the extent that such regulations are not inconsistent or in conflict with, and shall not supersede, regulations issued by the department of telecommunications and cable or the Federal Communications Commission in conformity with law with respect to such telecommunication common carriers.