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This opinion was issued during the fourth quarter of 1997.
It is the position of the Division of Banks that a machine similar to an ATM or point of sale (POS) which issues checks instead of cash after transferring funds from a customer's account meets the definition of an electronic branch found in Mass. Gen. Laws chapter 167B because an electronic device is used to initiate an electronic funds transfer. Accordingly, it is the position of the Division that in order to establish and operate such a machine, an individual or entity would have to file the necessary applications to establish an ATM pursuant to Mass. Gen. Laws chapter 167B. In addition, individuals and non-bank entities engaged directly or indirectly in the business of selling, issuing or registering checks or money orders must be licensed by the Division pursuant to Mass. Gen. Laws chapter 167F, § 4. Therefore, an individual or entity intending to establish and operate such a machine would be required to obtain a check seller's license and maintain an appropriate bond with the State Treasurer.