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Amend the bill in section 1 in §5-118 in subsection 1 by inserting after the first paragraph and before paragraph A the following:
 
‘A. "Automated clearinghouse" means the nationwide electronic funds transfer system that provides for an interbank exchange of either checks or automated debit or credit entries.’
Amend the bill in section 1 in §5-118 in subsection 1 in paragraph D in the first line (page 1, line 17 in L.D.) by inserting after the following: "processing." the following: 'For purposes of this section, "processor" does not include the automated clearinghouse.'
Amend the bill in section 1 in §5-118 in subsection 1 by relettering the paragraphs to read consecutively.
 
SUMMARY
This amendment provides that a processor does not include the nationwide automated electronic funds transfer system that provides for an interbank exchange of either checks or automated debit or credit entries.