(1) For the purposes of this section, the following words shall have the meaning herein described unless the context shall otherwise require:

(a) “Electronic terminal” means an unmanned electronic device owned or operated by a federally insured bank or thrift 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.

(c) “Electronic fund transfer” does not mean access to accounts, the application for or acceptance of a loan, the transfer of funds between accounts or other banking services accomplished through the use of a personal computer or telephone.

(2) A state bank or thrift, with the approval of the Commissioner of Banking and Consumer Finance, may establish electronic terminals.

(3) A bank desiring to establish such an electronic terminal shall file with the commissioner a written application requesting authority to establish such a terminal. Upon receipt of such application, the commissioner shall make inquiry into the facts sufficient to enable him to determine whether or not the proposed electronic terminal will provide bank customers with convenient access to the electronic transfer of funds. If the commissioner’s finding is favorable to the application, he shall grant the applicant a written permit to establish the terminal. These rights are extended to national banks upon the approval of the Comptroller of the Currency of the United States of America.

(4) For the use of its electronic terminals connected to sharing networks or systems, a bank 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 bank to charge such fees for the use of its electronic terminals as allowed by state or federal law, or require a bank to limit or waive its rights or obligations under this section.