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1 chapters · 31 sections in this title.
Mich. Comp. Laws § 488.1 Meaning of words and phrases.
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Sec. 1. For the purposes of this act, the words and phrases defined in sections 2 to 5 have the meanings ascribed to them in those sections.
Mich. Comp. Laws § 488.10 Electronic funds transfer terminals; number; availability; transfer of funds into deposit acccount.
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Sec. 10. (1) A financial institution may make available to its customers 1 or more electronic funds transfer terminals anywhere in this state subject to this section and sections 12 to 28. (2) The electronic funds transfer terminals may be made available by the financial institut…
Mich. Comp. Laws § 488.11 Funds transmission facility; establishment, operation, or availability; exemption of internal computer system.
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Sec. 11. (1) A person may establish, operate, or make available a funds transmission facility anywhere in this state subject to this section and sections 12 to 28. (2) A funds transmission facility shall be available for use by any financial institution using the electronic funds…
Mich. Comp. Laws § 488.12 Providing information about customer's deposit account or customer's transaction; furnishing credit information; verifications; liability for violation.
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Sec. 12. (1) To protect the privacy of customers using funds transfer services, a person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, except as provided by law or with the consent of the cust…
Mich. Comp. Laws § 488.13 Issuance of card or means of access to customer's account; requirements.
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Sec. 13. A financial institution shall not issue to a customer a card or means of access to a customer's account for the purpose of initiating an electronic fund transfer other than in response to a request or application therefor or as a renewal of, or in substitution for, an ac…
Mich. Comp. Laws § 488.14 Liability for unauthorized use of account; proof; “customer negligence” defined; failure to notify depository financial institution of unauthorized use; reporting lost means of access or violation of security.
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Sec. 14. (1) A customer shall not be liable for an unauthorized use of his or her account through an electronic fund transfer unless the depository institution can prove, without benefit of inference or presumption, that the customer's negligence substantially contributed to the …
Mich. Comp. Laws § 488.15 Notification of electronic fund transfer error; investigation; report; notification requirements; requirements of report to customer; meaning of electronic fund transfer error; placing hold on funds in account; closing account; report; correction resulting in credit to account; crediting account with interest.
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Sec. 15. (1) If a customer notifies a financial institution orally or in writing within 60 days after receipt of the statement, that an electronic fund transfer error affecting the customer's account with the financial institution has occurred, the financial institution shall inv…
Mich. Comp. Laws § 488.16 Reversal of electronic fund transfer and recrediting customer's account; requirements; “normal business hours” defined.
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Sec. 16. (1) The financial institutions which are parties to an electronic fund transfer shall reverse an electronic fund transfer initiated by a customer to a third party in payment for goods or services and recredit the customer's account for the full amount of the transfer, if…
Mich. Comp. Laws § 488.17 Receipt evidencing electronic fund transfer; time; costs.
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Sec. 17. An electronic fund transfer made by a customer of a financial institution shall be evidenced by a receipt provided to the customer at the time of the electronic fund transfer. If a receipt cannot be provided at the time of the transfer it shall be provided on a regular b…
Mich. Comp. Laws § 488.18 Statement of customer's account; frequency; contents.
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Sec. 18. A financial institution shall provide each customer with a statement of the customer's account accessible through an electronic funds transfer terminal. The statement shall be provided not less than once a month in which an electronic fund transfer occurs, or annually, w…
Mich. Comp. Laws § 488.19 Written agreement of terms and conditions governing account; time; contents.
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Sec. 19. A customer of a financial institution whose account with the financial institution is accessible through a funds transfer facility shall be provided with a written agreement by the financial institution of the terms and conditions governing the account. The agreement sha…
Mich. Comp. Laws § 488.2 Definitions; A to C.
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Sec. 2. (1) "Available" means all deposit account functions that are performed from time to time by the particular electronic funds transfer terminal. (2) "Bank" means that term as defined in section 1201 of the banking code of 1999, 1999 PA 276, MCL 487.11201, or a national bank…
Mich. Comp. Laws § 488.20 Options to promote security of electronic fund transfers.
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Sec. 20. In order to promote the security of electronic fund transfers, financial institutions shall make available to customers: (a) Options to limit the total amount of cash which can be withdrawn through the use of an electronic funds transfer terminal, from a customer's accou…
Mich. Comp. Laws § 488.21 Civil action for violation; liability.
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Sec. 21. (1) A person may bring a civil action against a person violating section 13, 14, 15, 16, 17, 18, 19, or 20 in any court having jurisdiction. Upon adverse adjudication, the defendant shall be liable for actual damages or $1,000.00, whichever is greater. (2) If a violation…
Mich. Comp. Laws § 488.22 Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.
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Sec. 22. The commissioner of the financial institutions bureau shall monitor and analyze developments within the field of electronic fund transfers and shall 1 year after the effective date of this act, submit a written report to the house committee on corporations and finance an…
Mich. Comp. Laws § 488.23 Restraining trade or engaging in anticompetitive practices.
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Sec. 23. A person providing services of a funds transfer facility and a financial institution using a funds transfer facility shall not contract, combine, conspire, or otherwise attempt to restrain trade in a market for services of funds transfer facilities or engage in anticompe…
Mich. Comp. Laws § 488.24 Unauthorized transactions prohibited.
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Sec. 24. A funds transfer facility shall not be used to facilitate or effect a transaction with a financial institution, which transaction the financial institution is not otherwise authorized by law to transact.
Mich. Comp. Laws § 488.25 Applicability of antitrust laws.
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Sec. 25. This act shall not be construed or applied to preclude the enforcement of, exempt from, or otherwise immunize a person subject to this act from the antitrust laws of this state or of the United States.
Mich. Comp. Laws § 488.26 Application of state or federal statute to credit or deposit account relationships.
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Sec. 26. In the application of any state or federal statute to credit or deposit account relationships, the transfer of funds by use of a funds transfer facility shall constitute only an additional means of effecting a payment, and this act shall not be construed as limiting or e…
Mich. Comp. Laws § 488.27 Unjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court.
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Sec. 27. A financial institution seeking to share a funds transfer facility pursuant to this act, and believing that it has been unjustly denied access or that the sharing requirements for its participation are unfairly discriminatory may seek a settlement of the dispute by arbit…
Mich. Comp. Laws § 488.28 Violation injurious to business or property; action for treble damages, costs, and attorneys' fees.
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Sec. 28. A person who is injured in his or her business or property by another person who violates section 9, 10, 11, 23, or 24, may bring an action in any court having jurisdiction to recover treble damages, costs of the action, and reasonable attorneys' fees.
Mich. Comp. Laws § 488.29 Wilful violation as misdemeanor; penalty.
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Sec. 29. A person who wilfully violates this act is guilty of a misdemeanor, punishable by a fine of not more than $10,000.00.
Mich. Comp. Laws § 488.3 Definitions; C to E.
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Sec. 3. (1) “Credit union” means a domestic credit union as that term is defined in section 102 of the credit union act, or a federal credit union established under the laws of the United States having its main office in this state. (2) “Customer” means a person, but does not inc…
Mich. Comp. Laws § 488.30 Conditional effective date.
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Sec. 30. This act shall not take effect unless House Bill No. 4554 of the 1977 regular session of the legislature is enacted into law.
Mich. Comp. Laws § 488.31 Effective date.
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Sec. 31. This act shall take effect January 1, 1979.
Mich. Comp. Laws § 488.4 Definitions; F to M.
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Sec. 4. (1) “Financial institution” means a bank, savings and loan association, consumer finance company, credit union, and includes a corporation wholly owned by a financial institution or by a holding company parent of any financial institution. (2) “Funds transfer facility” me…
Mich. Comp. Laws § 488.5 Definitions; P to U.
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Sec. 5. (1) “Person” means an individual, sole proprietorship, corporation, partnership, association, joint stock company, trust, or unincorporated organization. (2) “Reasonable fees” means transaction, rental, or other periodic charges which are directly related to the cost of f…
Mich. Comp. Laws § 488.6 Terminals, facilities, or functions to which act inapplicable.
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Sec. 6. This act shall not be applicable to terminals, facilities, or functions which are subject to regulation by the Michigan public service commission or which are available for direct use only by financial institutions and not by the public generally.
Mich. Comp. Laws § 488.7 Funds transfer facility on merchant's premises; establishment, ownership, or operation; access to, connection to, or use of facility; reasonable fees; nondiscrimination; additional facilities; equality of fees.
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Sec. 7. (1) This act shall not be construed or interpreted to prevent a merchant from establishing, owning, or operating 1 or more funds transfer facilities located on its own premises. If a merchant establishes, owns, or operates a funds transfer facility on the merchant's premi…
Mich. Comp. Laws § 488.8 Funds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws.
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Sec. 8. (1) A funds transfer facility shall provide reliable service to the person with protection of privacy of personal financial information. (2) A funds transfer facility shall not impair the safety and soundness of a person's funds. (3) Persons subject to this act shall act …
Mich. Comp. Laws § 488.9 Funds transfer facility; restrictions.
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Sec. 9. A person may not establish, operate, or make available a funds transfer facility in this state, except as provided in this act.