Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—

''Bank'', an association or corporation chartered by the commonwealth under chapter 168, 170 and 172.

''Commissioner'', the commissioner of banks.

''Electronic branch'', an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer, including, but not limited to, automated teller machines and cash dispensing machines; provided, however, that ''electronic branch'' shall not include a teller machine or similar device located on the premises of and operated solely by an employee of a financial institution or a point-of-sale terminal; provided, further that an ''electronic branch'' shall not be considered a main office or a branch office.

''Financial institution'', a bank, federal bank, foreign bank, out-of-state bank, out-of-state federal bank or any other person who (a) directly or indirectly holds an account belonging to a consumer or (b) issues an access device and agrees with a consumer to provide electronic fund transfer services.

''Foreign bank'', an association or corporation authorized to do a banking business in the commonwealth, the main office of which is located outside the commonwealth and which exists by authority of a country other than the United States.

''Governing board'', the board of directors, the board of trustees or similar board of a bank.

''Organization'', any person, corporation, association or partnership which assists or provides services to a financial institution or merchant in order to make available electronic fund transfers; provided, however, that a financial institution or merchant shall not be considered an organization.

''Out-of-state bank'', an association or corporation authorized to do a banking business in the commonwealth, the main office of which is located outside the commonwealth and which exists by the authority of a state of the United States except the commonwealth.

''Out-of-state branch'', a branch of a bank located outside the commonwealth.

''Out-of-state federal bank'', a national banking association, savings and loan association or savings bank that exists by authority of the United States, the main office of which is located outside the commonwealth.

''Point-of-sale terminal'', an electronic terminal located on the premises of a merchant when such terminal is used with the assistance of an employee of a merchant for a customer's purchase or lease of goods or services sold or leased by such merchant or adjustments thereto or the receipt of cash by the customer which is ancillary to the customer's purchase or lease of goods or services from such merchant; provided, however, that such terminal shall be deemed an electronic branch for the purposes of this chapter whenever it is used for any other electronic fund transfer, or for an electronic fund transfer involving a customer's account held by an organization, or for an electronic fund transfer solely for customers of a single financial institution or bank holding company subject to chapter 167A or the federal Bank Holding Company Act of 1956, 12 U.S.C. section 1841 et seq.