Association Takes on State ATM Restriction
Rule requires agreement with a Tennessee bank
NASHVILLE, Tenn. -- The ATM Industry Association is spearheading an effort to repeal a Tennessee law that limits the ownership and operation of automated teller machines in the state.
“As part of its continuing efforts to eliminate needless and costly regulations relating to the ownership or operation of ATMs across the United States, ATMIA is engaged in discussion with regulators and office holders in Tennessee in an effort to repeal Tennessee Statute 45-2-619,” ATMIA said in an email to its membership.
The statute provides in part that: “Only a depository institution, or an affiliate of the depository institution, may own, establish, alone or in combination with other persons, operate one (1) or more [ATMs] located or to be located in [Tennessee].”
“This statute requires any IAD (independent ATM deployer) operating in Tennessee to enter into a totally unnecessary agreement with a Tennessee bank for each ATM that it operates in Tennessee,” ATMIA said. “We are cautiously optimistic that we can repeal this antiquated statute.”
The ATM Industry Association, founded in 1997, is a global nonprofit trade association with over 3,700 members in 60 countries.