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Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 224.46. Independent data processing servicers

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Definitions.In this section:

(a) “Financial institution” has the meaning given in s. 214.01(1)(jn).

(b) “Independent data processing servicer” means an entity that provides to a financial institution electronic data processing services, but not including the exchange of data and settlement of funds between 2 or more unaffiliated financial institutions resulting from transactions involving remote terminals under s. 186.113(15), remote service units under s. 214.04(21) or 215.13(46), or customer bank communications terminals under s. 221.0303(2).

(c) “Interface agreement” means a written agreement specifying the terms and conditions under which an interface of communications, data, or systems between independent data processing servicers shall be accomplished.

(2) Ownership of financial institution data. If a financial institution transfers or otherwise makes available to an independent data processing servicer any data from the financial institution's records, this data shall remain the property of the financial institution. The independent data processing servicer has no right, title, or interest in, or claim to legal ownership of, the data. The transfer of the data by the financial institution authorizes the independent data processing servicer only to exercise temporary control of the data for the limited purpose of performing the contracted services requested by the financial institution. This subsection also applies with respect to an independent data processing servicer that receives a financial institution's data under an interface agreement or other agreement with another independent data processing servicer.

(3) Contract disclosures by independent data processing servicers. No independent data processing servicer may enter into a contract with a financial institution, or renew or amend such a contract, unless the contract discloses, in separate contract provisions, all of the following:

(a) All fees or charges, including any fee schedule, that the independent data processing servicer may impose on the financial institution.

(b) Any formula or other grounds that the independent data processing servicer may apply or rely upon to terminate the contract.

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Cite this article: FindLaw.com - Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 224.46. Independent data processing servicers - last updated January 01, 2025 | https://codes.findlaw.com/wi/banking-and-finance-ch-214-to-225/wi-st-224-46/

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