(1) For the purposes of this section, the following words shall have the meanings provided in this subsection unless the context otherwise requires:

(a) “Electronic terminal” means an unmanned electronic device owned or operated by a federally insured credit union through which a consumer may initiate an electronic fund transfer.

(b) “Electronic fund transfer” means any of the following:

(i) The withdrawal of cash from or the deposit of cash or checks into an unmanned electronic device, such as an automatic teller machine, but not including night depositories;

(ii) An application for or acceptance of a loan through use of an unmanned electronic device;

(iii) The transfer of funds between accounts through use of an unmanned electronic device; or

(iv) The issuance of a check by an unmanned electronic device.

(2) Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish electronic terminals. The application shall be in such a form as may be prescribed by the commissioner. The commissioner shall approve the electronic terminal when all of the following criteria are met:

(a) The applicant has an examination rating of two (2) or higher;

(b) The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;

(c) The applicant has no formal or informal enforcement actions outstanding; and

(d) The applicant has demonstrated that its members would be well served by the electronic terminal.

(3) For the use of its electronic terminals connected to sharing networks or systems, a credit union may impose a fee if imposition of the fee is disclosed at a time and in a manner that allows a user to terminate or cancel the transaction without incurring the transaction fee. Such fee shall not exceed Two Dollars ($2.00) or four percent (4%) of the gross amount of the transaction, whichever is greater. An agreement to share electronic terminals shall not prohibit, limit or restrict the right of a credit union to charge such fees for the use of its electronic terminals as allowed by state or federal law, or require a credit union to limit or waive its rights or obligations under this section.