A financial institution may impose and collect a usage fee on a foreign access card; provided, that the usage fee may only be charged if the imposition of the fee is disclosed at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the usage fee.
Terms Used In Tennessee Code 45-16-103
- Financial institution: means a state or national bank, savings and loan association, savings bank, or credit union that owns or operates an electronic terminal. See Tennessee Code 45-16-101
- Foreign access card: means any card or other device eligible for use in an electronic terminal where the foreign access card is not issued to the user by the owner or operator of the electronic terminal. See Tennessee Code 45-16-101
- Usage fee: is a ny fee charged by the owner or operator of an electronic terminal on transactions by a holder of a foreign access card. See Tennessee Code 45-16-101