(a) As used in this section, unless the context otherwise requires:

(1)

(A) “Depository institution” means:

(i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act (12 U.S.C. § 1813);

(ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act (12 U.S.C. § 1813);

(iii) An insured credit union as defined in § 101 of the Federal Credit Union Act (12 U.S.C. § 1752);

(iv) A member as defined in § 2 of the Federal Home Loan Bank Act (12 U.S.C. § 1422); a savings association as defined in § 3 of the Federal Deposit Insurance Act (12 U.S.C. § 1813) that is an insured depository institution as defined in the act; or

(v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and

(B) That:

(i) Is domiciled in Tennessee;

(ii) Has a branch lawfully doing business in Tennessee pursuant to this part;

(iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or

(iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and

(2) “Electronic cash dispensing device” means an electronic device other than a telephone operated by a consumer, through which a consumer may obtain cash by means of initiating an electronic fund transfer instruction to the consumer's depository institution to debit the consumer's deposit account. For purposes of this part, “electronic cash dispensing device” includes, but is not limited to, automated teller machines.

(b) A person other than a depository institution may own or operate, alone or in combination with other persons, one (1) or more electronic cash dispensing devices located or to be located in this state; provided, that the electronic cash dispensing device does not receive money on deposit.