Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Point-of-sale terminal: means an electronic information processing device controlled by or accessible to a merchant or other provider of goods or services that authorizes:
(a)
in payment for goods or services, a debit or credit to a customer's account at:
(i)
a depository institution; or
(ii)
a state or federal governmental agency; and
(b)
the merchant or other provider of goods or services to dispense currency or coin to a customer. See Utah Code 7-16a-102
Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(a)
Subject to Subsections (1)(b) and (2), if the application of Title 70A, Uniform Commercial Code, is inconsistent with the operation of an automated teller machine, a point-of-sale terminal, or both, the requirements of Title 70A, Uniform Commercial Code, may be varied by contractual agreement of any:
A contractual agreement under Subsection (1)(a) may not disclaim responsibility for or limit the measure of damages for a depository institution‘s, switching facility’s, or clearing house’s:
(i)
lack of good faith; or
(ii)
failure to exercise ordinary care.
(2)
Notwithstanding Subsection (1)(a), the commissioner may, after notice and hearing, require rescission or modification of any provision of a contractual agreement permitted by Subsection (1)(a) if:
(a)
that provision relates to the rights and obligations of:
(i)
account holders of depository institutions;
(ii)
merchants;
(iii)
merchant customers; or
(iv)
others using or having access to automated teller machines, point-of-sale terminals, or both; and
(b)
the commissioner finds the provision is unconscionable or contrary to the public interest.
