§ 5001. “Payment network” defined.
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/de/title-5/chapter-50-payment-networks/5001A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The term “payment network” as used in this chapter means a nonstock member corporation incorporated under Title 8 which has 50 percent or more of its members organized as:
(1)Banks, thrifts, credit unions or other financial institutions, under the laws of this State, any other state, the laws of a foreign country, the United States of America, a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands; or
(2)Organizations whose direct or indirect owners or members are financial institutions described in paragraph
(1)of this section above, and which has as its principal business the provision of payment network services.